Cointelegraph interviewed Bloomberg’s senior commodity strategist Mike McGlone to learn more about his Bitcoin bullishness. He emphasized that the work he does for Bloomberg Intelligence is objective and devoid of salesmanship:
“I’m Bloomberg Intelligence. They’re all completely objective. And this does not reflect the views of Bloomberg at all. I’m completely objective in my outlook in the market. I don’t make investment advice or recommend recommendations.”
McGlone has decades of experience as a commodities trader and has been really impressed with Bitcoin’s robustness:
“The stock market had its biggest correction since the Great Depression, down 15 percent. I view that as quite significant that Bitcoin is weathering this storm yet. And the key thing I find about it, it’s never stopped trading, never stopped, never halted, didn’t have a third party guiding it. I view that as someone who’s been trading commodities my whole life is very impressive.”
He also added that his bullishness is exclusive to Bitcoin:
“I’m not bullish on anything else other than Bitcoin. I think the rest of the market is just a bunch of five thousand wannabes.”
Halving is for amateurs
McGlone does not believe that the upcoming halving will have any impact on the Bitcoin price, since it is something that the market has already factored in:
“it’s a non-event. Complete non-event, it’s for amateurs. Since when do known knowns matter in markets?”
McGlone alludes to one of the main tenets of financial economics theory — the efficient markets hypothesis, which suggests that all the known information is already priced in.
Key resistance levels
As a Bloomberg analyst, McGlone is not allowed to discuss price targets. Nonetheless, he pointed out some key support and resistance levels:
“So I think the key resistance people are gonna be looking at is $10,000 and that’s very doable. I would be very disappointed if it trades much below $5,000 support.”
McGlone believes that all the fundamentals are “very positive”.
McGlone’s views may be perceived as contrarian by many in the crypto community. We are less than 20 days from the halving, and have not yet witnessed any major price movements.