Mike McGlone: "Bitcoin is preparing to jump to $70,000"

Bloomberg Intelligence senior strategist Mike McGlone believes Bitcoin is on a trajectory toward $70,000.

During The Tape podcast, the analyst noteddecline in commodity prices, in particular oil. The cryptocurrency market, in his opinion, on the contrary, is quite stable and is preparing for growth. Adding 64% to the price of BTC – not the limit yet.

A pullback to $45,000 and below would be a signal of Bitcoin weakness, but this is unlikely.

McGlone reaffirmed his belief that the $ 100,000 price tag for Bitcoin remains a viable target.

Regarding the altcoin market, the analyst is not sooptimistic. In his opinion, only Bitcoin, Ethereum and stablecoins are valuable. All other coins serve speculative purposes and will soon leave the market, including mom tokens. 

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