Analyst from Bloomberg Mike McGlone set out as Bitcoin halving as a “non-event”.
He emphasized that the work he did for Bloomberg Intelligence was objective and without sales expertise:
“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.”
He has decades of experience as a commodity trader and is deeply impressed by Bitcoin’s resilience:
“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 told that 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 for ethuasiast
McGlone does not believe that the upcoming segment will impact Bitcoin’s price, as it is something the market has factored in:
“it’s a non-event. Complete non-event, it’s for amateurs. Since when do known knowns matter in markets?”
McGlone refers to one of the key principles of financial economics – the efficient market hypothesis, which shows that all known information already set.
The main resistance level
Even he was not allow to speak about price targets. However, he draw attention to part of the key levels of support and resistance:
“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 assumes that everything is fundamentally “very positive”.
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