Mike McGlone, Bloomberg’s senior commodity strategist, is bullish on the leading cryptocurrency. However, he believes that the upcoming bitcoin halvening event would be a “non-event.” In an interview with Cointelegraph on his experience as a commodities trader, Mike McGlone said that the stock market had its biggest correction since the Great Depression, down 15 percent, and he views it as quite significant that Bitcoin is weathering this storm yet. He added that the key thing about it is that it never stopped trading, never halted, and didn’t even have a third party guiding it.
Mike is not bullish on anything other than bitcoin.
Mike McGlone also emphasized that he is not bullish on anything else other than Bitcoin. While commenting on the upcoming halving, he said that “it’s a non-event a complete non-event, it’s for amateurs” and that “knowns don’t matter in markets.” He stands firm on his bullish take on bitcoin. McGlone stated that the key resistance people are going to be looking at is $10,000, and that’s very doable. “I would be very disappointed if it trades much below $5,000 support,” he added.
Bitcoin halvening is scheduled to take place next month.
The bitcoin halvening is scheduled to take place in the next 20 days. At the time of writing, bitcoin is changing hands at just above the $7,000 mark, over 6% up in the last seven days. The halvening event would reduce the block reward by half. Currently, the reward for mining each block is 12.5 BTC, but after the halvening, the reward would be reduced to 6.25 BTC. In the past, the bitcoin halvening event has had a positive impact on the price of bitcoin. However, the price bitcoin did not go up just after the halvening even but after a few months. This is the first time that bitcoin is heading into the halvening even with the historically low levels of Relative Strength Index.