Senior macro strategist Mike McGlone said on the X platform (formerly Twitter) that the price of Bitcoin has risen, so the risk that it will continue to rise may put the token under excessive pressure.
The strategist noted that lessons from the high-yielding, widely hyped asset since the asset became mainstream suggest that price reversions could be a bigger risk for cryptocurrencies as much of the public jumps on board.
McGlone likened Bitcoin’s earnings impact to tech stock Amazon, which has seen a 130-fold increase in performance over roughly 25 years.
McGlone said that if the price of Bitcoin continues to consolidate, the currency will still maintain its perform rating.
The strategist also pointed out that if the price of Bitcoin falls to $10,000 in the short term, Bitcoin will still remain profitable.