Mike McGlone, chief commodities strategist at Bloomberg Intelligence, has confirmed his Bitcoin price prediction of $ 100,000 and sees $ 5,000 for Ethereum as the path of least resistance. He expects the crypto market to thrive in a “refreshed bull market”.
Cryptocurrencies on the way to flourishing, bull market revived
Commodity strategist Mike McGlone discussed his price predictions for Bitcoin and Ethereum in the September issue of Bloomberg Crypto Outlook, released on Friday.
“Crypto assets are emerging in a revitalized and refreshed bull market with the 2H benefit of a steep discount from previous highs at the beginning,” he began, adding:
We see Ethereum on course towards USD 5,000 and USD 100,000 for Bitcoin. Portfolios made up of a combination of gold and bonds are increasingly appearing naked, with no addition of Bitcoin and Ethereum.
The analyst said that a “shrinking supply” would drive the price of ETH up with “increasing demand and acceptance” and stressed that Ethereum was the main denominator for non-fungible tokens (NFTs) “that are gaining traction”.
He discussed “the accelerated downward movement of the new Ethereum supply following the protocol change that started burning coins in early August”. McGlone clarified, “For the first time, the 52-week rate of change in the amount of new Ethereum coins compared to the total outstanding is on track to drop below 4%.”
The Bloomberg Intelligence analyst described that a Bitcoin return of $ 100,000 is “very likely, especially after last year’s supply cut”. He continued: “The years after the halving have seen the greatest appreciation, and 4x in 2021 would be pretty tame for the # 1 cryptocurrency, compared to 55x in 2013 and 15x in 2017.”
The analyst stressed that “the cops are in control” claiming: “After surviving the correction, crypto assets” [are] ready to flourish now. ”He stated:
After a heartbreaking correction, we expect the crypto market to resume its uptrend sooner than dropping below the 2nd quarter lows.
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