Bloomberg’s Mike McGlone Is Convinced Bitcoin and Ethereum Prices Will Most Likely Continue to Rise
Mike McGlone, senior commodities strategist at Bloomberg Intelligence, believed that Bitcoin and Ethereum are still in the early days of adoption.
#Bitcoins and #Ethereum remain in the early days of adoption, with rising demand versus falling supply and related price implications. Our bias is why complicate it – unless something unlikely reverses the proliferation of nascent technology, prices should rise over time. pic.twitter.com/SAgqWrfIMV
—Mike McGlone (@mikemcglone11) January 29, 2022
He expects the two biggest cryptocurrencies to continue to appreciate due to supply and demand dynamics.
McGlone believes that only a black swan can even stop the proliferation of these cryptocurrencies.
Earlier this month, the analyst doubled down on his prediction that Bitcoin and Ethereum would hit $100,000 and $5,000 respectively by the end of 2022.
In December, McGlone predicted that Bitcoin would outperform the US stock market.
He expects Solana and Binance Coin (BNB) to remain in the top five alongside Bitcoin, Ethereum, and Tether.
At the same time, McGlone has been very critical of Dogecoin and Shiba Inu. He recently said that the market needs to be cleared of these coins even for blue chips to thrive.
The inflation-weary US Federal Reserve is seen as the biggest hurdle for cryptocurrency bulls. As reported by U.Today, Goldman Sachs recently stated that Bitcoin is more vulnerable than ever to future interest rate hikes due to the fact that it now tends to trade alongside traditional financial assets.
Bitcoin and Ethereum are down 44.67% and 46.16% from their all-time highs, respectively.
Earlier this week, the major cryptocurrency briefly fell below $33,000, pushing the entire market down significantly.
In his research note published in early January, McGlone wrote that $30,000 could become the new $3,000 level for Bitcoin, referring to the crash that took place in December 2018.
Last September, he accurately predicted that a futures-based bitcoin exchange-traded fund would be approved in October.