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Senior Bloomberg commodities analyst Mike McGlone is saying Bitcoins (BTC) prospects over the long term look promising.

In a new Stansberry Research interview, McGlone says that he is very bullish on Bitcoin but warns that risk assets such as the flagship crypto asset face significant headwinds going forward.

Im very bullish on Bitcoin because of major reasons its definable diminishing supply very low and [its] early days of adoption, you have to be long over time.

But it also trades 24/7 and its a very significant leading indicator and it looks like it just might have rolled over from $30,000. I just cant see how were going to get what I view as a significant contraction in risk asset prices without Bitcoin, still a risk asset, going down.

According to the Bloomberg analyst, the recent price gains Bitcoin has enjoyed are absolutely attributable to a bear market rally. McGlone says that when other correlated assets start declining in value in case a recession hits, Bitcoin will follow suit.

Im afraid whats happening with Bitcoin is people are looking at it like the bank crisis has helped it will go that way and trade more like gold and long bonds. But I think its more about everythings up this year and Bitcoins the fastest horse in the race. It was the fastest on the way down, the fastest up this year

Bitcoins up almost 80% in the year and it might just start to roll over. It trades 24/7, its clearly a leading indicator.

I view Bitcoin as, if markets do decline, which I expect for instance, the S&P 500, I expect to drop for a normal recession probably another 25%, Bitcoin should probably be the first one to lead it because its still a risk asset.

Bitcoin is trading at $28,880 at time of writing. The flagship crypto asset opened the year at around $16,500 and rallied by nearly 90% to a 2023 high of $31,000 reached earlier this month.

McGlone says that over the long term, Bitcoin will trade like a safe haven.

Im thinking long term, its [Bitcoin] going to come out ahead and trade more like gold and long bonds as a risk-off asset. But its still a very risky asset.

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Bloomberg Analyst Mike McGlone Very Bullish on Bitcoin Amid 90% BTC Rally This Year But Theres a Catch - The Daily Hodl