๐ Top Reasons Why Bitcoin Price Reaching $150K Might Be a Long Road Ahead
Mike McGlone provided several reasons why it might take time for Bitcoin to hit $150,000. Firstly, he noted Bitcoinโs underperformance compared to the S&P 500 and NASDAQ over the past few years, suggesting a need for improvement. Additionally, McGlone emphasized the importance of Bitcoin performing well against traditional markets and highlighted the potential launch of Ethereum ETFs.ย
He also discussed the enduring trend of Tether being the most widely traded cryptocurrency, serving as a stable digital representation of the US dollar. Moreover, McGlone mentioned the impact of taxes on cryptocurrency transactions and the need for regulatory compliance.ย
Furthermore, he pointed out current market signals indicating deflationary pressures, especially in historical patterns following periods of significant inflation. McGlone cautioned about the potential for a stock market correction leading to deflation and emphasized the Federal Reserveโs potential role in such a scenario.
However, he also acknowledged the risk of short-term deflation being followed by inflation, particularly given expansive monetary policies.
๐ฌ He said, โ๐๐ค ๐ข๐, ๐๐ฉโ๐จ ๐๐ช๐จ๐ฉ ๐ ๐ข๐๐ฉ๐ฉ๐๐ง ๐ค๐ ๐ฉ๐๐ข๐ ๐ฉ๐๐๐ฉ ๐๐ฉ๐๐๐ง๐๐ช๐ข ๐๐๐๐จ ๐ฌ๐๐ก๐ก ๐๐ ๐ก๐๐ช๐ฃ๐๐๐๐, ๐๐ช๐ฉ ๐ฉ๐๐๐ง๐โ๐ก๐ก ๐๐ ๐ฅ๐ง๐ค๐๐ก๐๐ข๐จ ๐๐ฃ ๐ฉ๐๐ ๐ข๐๐๐ฃ๐ฉ๐๐ข๐. ๐ฝ๐ช๐ฉ ๐ฉ๐ค ๐๐๐ฉ ๐ฉ๐ค $150000, ๐ ๐ฉ๐๐๐ฃ๐ ๐ฉ๐๐๐ฉ ๐ข๐๐๐ฃ๐จ ๐ฉ๐๐๐ฉ ๐ข๐๐ฎ๐๐ ๐ฉ๐๐ ๐&๐ 500 ๐ฃ๐๐๐๐จ ๐๐ฃ๐ค๐ฉ๐๐๐ง 30%.โ