Bloomberg analyst: Bitcoin halving is not a big deal

Editor's note: This article comes from Cointelegraph Chinese (ID: CointelegraphChina), author: MICHAEL KAPILKOV.

Bloomberg analyst Mike McGlone told Cointelegraph that Bitcoin halving is not a big deal.

Cointelegraph spoke to Bloomberg’s senior commodities strategist Mike McGlone to learn more about his bullishness on Bitcoin. He stressed that the work he does for Bloomberg LP is objective and free of salesmanship:

"I am a Bloomberg LP staffer. They are all completely objective. This does not reflect the views of Bloomberg at all. My views on the market are completely objective. I do not provide investment advice or recommendations."

Bitcoin believers

McGlone, who has decades of experience in commodities trading, is impressed by the robustness of Bitcoin:

“The stock market had its biggest drop since the Great Depression, down 15%. I think it’s really important that Bitcoin has been able to weather this storm. The key thing I found is that Bitcoin never stopped trading, never stopped, never stopped, there was no third party directing it. I think that’s very impressive to others as someone who has been trading commodities.”

He also added that he is only bullish on Bitcoin:

“I’m not bullish on anything other than Bitcoin. I think the rest of the market just has 5,000 cult followers.”

Halving is for amateurs

McGlone believes that the upcoming halving will not have any impact on the price of Bitcoin because the market is already factoring in the following factors:

"It's not a big deal. It's totally unsurprising and suitable for amateurs. Since when does known knowledge work in the market?"

McGlone referred to one of the main tenets of financial economics theory, the efficient markets hypothesis, which states that all known information is already priced.

Key resistance levels

As a Bloomberg analyst, McGlone is not allowed to discuss price targets. Nonetheless, he pointed out some key support and resistance levels:

“So I think the key resistance level that people are going to be watching is $10,000, which is very likely to be reached. I would be very disappointed if it traded much below the $5,000 support level.”

McGlone believes that all fundamentals are "very positive."

Many in the crypto community may disagree with McGlone’s view. The halving is less than 20 days away and has yet to witness any huge price swings.