Bloomberg Intelligence senior commodity strategist Mike McGlone has affirmed his bitcoin worth prediction of $100K, seeing $5K for ethereum as the trail of least resistance. He expects the crypto market to thrive in a “refreshed bull market.”
Cryptocurrencies Poised to Thrive, Bull Market Revived
Commodity strategist Mike McGlone mentioned his worth predictions for bitcoin and ethereum within the September version of Bloomberg Crypto Outlook, printed Friday.
“Crypto-assets seem in a revived and refreshed bull market with the 2H good thing about a steep low cost from earlier highs in the beginning,” he started, including:
We see ethereum on target towards $5,000 and $100,000 for bitcoin. Portfolios of some mixture of gold and bonds seem more and more bare with out some bitcoin and ethereum becoming a member of the combo.
The analyst defined that “diminishing provide” is boosting the worth of ETH amid “growing demand and adoption,” emphasizing that ethereum is the first denominator for non-fungible tokens (NFTs) “that are gaining traction.”
He mentioned “the accelerating downward trajectory of latest ethereum provide, within the aftermath of the protocol change that started burning cash in the beginning of August.” McGlone clarified, “For the primary time, the 52-week rate-of-change within the quantity of latest ethereum cash vs. the entire excellent is on observe to drop under 4%.”
The Bloomberg Intelligence analyst proceeded to explain that bitcoin reaching $100,000 is “extremely possible, particularly after final yr’s provide reduce.” He continued: “Put up-halving years have seen the best appreciation, and 4x in 2021 could be fairly tame for the No. 1 crypto in contrast with 55x in 2013 and 15x in 2017.”
Emphasizing that “the bulls are in management,” the analyst asserted that “Having survived correction, crypto belongings [are] now poised to thrive.” He elaborated:
After enduring a gut-wrenching correction, we see the crypto market extra more likely to resume its upward trajectory than drop under the 2Q lows.
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