Bitcoin Forum

The strategist for commodities of the analytical division of Bloomberg Intelligence Mike McGlone believes that the probability of a 90% drop in bitcoine prices in the conditions of uncontrolled supply growth in the market is quite high.


"I've been studying this topic for a long time and the more research I do, the more I tend to bearish. All this is very similar to the Internet company of the late 90's, "McGlone emphasized.


Who is this McGlone, who then considers him an expert?

I hope that will not happen. Many investors will lose profit if that happens. If the Bloomberg Intelligence's proof is legit it might the downfall of the bitcoin. But remember Bitcoin is unpredictable so it might not happen.

Mc Glone how !!! wait the end of 2018 and will see hpw your face will be when btc will hit the 40.000.

Yeah, and monkeys can fly out of McGlone's ass too. 

"conditions of uncontrolled supply growth" - this proves his understanding of Bitcoin is ZERO

anyone can say anything and be an expert these days

I personally do not know anything about this person. so I asked here. I myself think that bitcoin will gradually increase the volume of capitalization, the rate will be more stable and eventually it will replace the money of phiath.

i think he only study this year trend he didnt look the history of bitcoin that every fall of bitcoin it bounce back really he needs more research about bitcoin lets say he expert in reading the chart but thats not mean hes right about bitcoin because bitcoin is unpredictable and unstoppable.

90% drop will take a lot of time to take place even if this is true. Now, I think prices are already stabilized as we have seen it moving in $7000-$8000 range for last 2 months. I do not think there is any reason for Bitcoin to drop to that level in any time recently.

Who declared this guy an expert on bitcoins? Did he previously predict that the price would reach $20,000? Cryptocurrency analysts are a dime a dozen these days.

Lol  I'm so done with done with these "wall street experts" and "Analytics" saying that bitcoin adn cryptocurrencies are just a bubble that is eventually going to crash . If bitcoin is going to crash It would happen when the blockchain gets somehow hacked or the internet gets shutdown somehow.
Those fat cooperate pigs have everything to win if bitcoin decrease in price ,they jump on the chance to bash and talk shit about it ,because they know the younger generation are all intressted in cryptocurrencies and not their boring stocks and indexes .

I think he is trying to describe the uncontrolled supply growth of altcoins that function in the same or a similar manner vs. Bitcoin that are growing in both popularity and market cap due to faster transaction times and lower fees.  Competition from altcoins will push the average price of everything down over time if usability as a currency is the goal.

Boring stocks?  Obviously, you haven't been following the biotech sector over the past 6-12 months.  There are many companies with % gains that rival cryptos and have a long way to grow as their products clear FDA trials.

I don't believe because Bitcoin was growth as well even the whales will dump the price but some of us will buy it for covering the price.

The day Bitcoin Cash forked, any pretense of limited supply died. 

Based on ETH that runs twice as fast as Bitcoin and the development team can also be trusted and
the price volume ration I would say the price of Bitcoin still has a long way to drop but I guess the
slot machine players here don't want to listen to maths or logic

Yeah "Buy on the dip" all the way to the bottom !

Crap as usual. They are comparing the Nasdaq at its peak (more than 5 trillion of $ of market cap) with the current crypto market (400 M $ of total market cap), we still have a long (bumpy) road ahead  :)

he is making his prediction, just as everyone makes their predictions. there is something that people should notice, prediction do not mean "it will happen". can happen or may can not happen
 
for example:


 CNBC’s Ran Neuner Says Bitcoin Will End 2018 At $50,000 (https://cointelegraph.com/news/cnbcs-ran-neuner-says-bitcoin-will-end-2018-at-50000)

Crypto Experts Predict 2018 Bull Run: Bitcoin To $50k, Overall Market Cap To $1 Trln (https://cointelegraph.com/news/crypto-experts-predict-2018-bull-run-bitcoin-to-50k-overall-market-cap-to-1-trln)

Winklevoss Twins: Bitcoin Has Potential To Grow At Least 30-fold In 10 To 20 Years (https://cointelegraph.com/news/winklevoss-twins-bitcoin-has-potential-to-grow-at-least-30-fold-in-10-to-20-years)


Tom Lee Says BTC Will Hit $25,000 in 2018, Advises ‘Aggressive’ Buying At Market Low
 (https://cointelegraph.com/news/tom-lee-says-btc-will-hit-25000-in-2018-advises-aggressive-buying-at-market-low)

can happen or may can not happen



https://www.linkedin.com/in/mike-mcglone-a8442513

900 hundreds dollar is good estimate i have also this same opinion , i think maybe it take one or two year before it reach 900 dollar but like you have said it here and i agree it with you price for bitcoin continue to go low
and i love it like this , in my place we have been doing short sale so many time and today it has been reveal that evn more monies we have made like this than when before price was going up , i think many ppls are doing like me and this is huge huge big money thing for those ppls whom are smart in this place

Another Bitcoin "expert" has spoken.
To be honest everyone can stand behind the company's name he's working and say anything he wants. But the question is how relevant that is.
In crypto world anything is possible, I don't say, but still too much attention is given to such news from so called experts.

we will see what happen just wait if its true i would like to buy a lot of bitcoin and trust myself by holding it, it will be possible that a 200% of profit will earn , we reach almost 20000usd its not impossible that it will happen again.

But the case of "unlimited supply" clearly is not the case with Bitcoin. Maybe with altcoins it would be true, but this is exactly the reason the altcoins are just altcoins and it is Bitcoin which had its price at 20k level a month ago, not some altcoin.

The reasoning based on a false assumption is false, mate.

It is very unlikely to see the price below 1000 dollars bitcoin demand is so high

It is extremely difficult to predict the price, hence the market has no clear financial instruments to measure it.
The value of each cryptocurrency can be determined by the following basics:
- the circulating amount
- the historical data
- supply/demand
- chain difficulty
- exchanges willing to work with the coin
- how useful the coin is to the community
- how easily it can be exchanged from and to fiat
- news and media coverage
- large-scale investors
- coin wealth distribution

Each time one of these parameters changes, the price changes as well. $900 is very optimistic for those who are willing to buy bitcoins, why not $250-300 then, like it was some time back? My answer to that would be that it is almost impossible, because you can't lower some parameters, once they are at a certain level. Like news and media coverage value, for example. The more people know about the coin, the more its worth. It's like saying everyone at some point will completely forget about the brand "Coca-Cola". It's impossible. Bitcoin is a brand and it has a significant brand-value in it. When people write their price expectations, they have to base them on some data or numbers, otherwise they're just taking a wild guess.

is Mike McGlone a high-class trader, and has a big capital in cryptocurrency especially bitcoin?
I think Mike McGlone just made the speculation that can not be accounted for. if bitcoin reaches $ 900 why bitcoin is currently in the position of $ 9000. do not trust news that has no obvious source because it only causes panic sell. and we should be optimistic if bitcoin will be at the highest price.

I also saw today this news and this prediction. This surprised me, but did not bother me.
Everyone has their own motives for saying something publicly. Maybe he just wants to buy a bit of bitcoin for 900 bucks. But wanting and doing - these are completely different things.

These Wall Street guys are so obsessed with the fact that Bitcoin and cryptocurrency did not stem from one of their cocoons and they mostly do not hide their death wish. They ought to know, whatever makes them experts at Wall Street is irrelevant in the cryptoworld, because cryptocurrencies do not understand the language of Wall Street, neither its norms and cultures! Bitcoin and cryptocurrency are here to stay, the early adopters status is a prized one, no one should allow strangers take their place!

Blockbuster didn't give a shit about Netflix at first.  Then they were bankrupt.  It all comes up really fast.  Give it another year.  Maybe two.  Wall street is going to be jobless soon.

Now is the time for growth of bitcoins. Therefore, we need to start right now to rise to investing.

http://money-talk.org (http://money-talk.org/board.html)