Bitcoin and Ethereum Are Currently in Their Early Adoption Stages, According to a Bloomberg Intelligence Analyst
According to Mike McGlone, senior commodities analyst at Bloomberg Intelligence, Bitcoin and Ethereum are still in their infancy.
He anticipates that the two major cryptocurrencies will continue to appreciate as supply-demand dynamics dictate.
McGlone thinks that only a black swan event will be able to bring these cryptocurrencies to a halt. Earlier this month, the analyst reaffirmed his forecast that Bitcoin and Ethereum will hit $100,000 and $5,000 by the end of 2022, respectively.
McGlone projected in December that Bitcoin will outperform the US stock market. He anticipates that Solana and Binance Coin (BNB) will continue to rank among the top five cryptocurrencies with Bitcoin, Ethereum, and Tether.
McGlone has also been a harsh critic of Dogecoin and Shiba Inu. He previously said that in order for blue chips to survive, the market needed to be cleaned of such meme currencies.
The inflation-stricken The Federal Reserve of the United States is seen as the primary impediment for bitcoin bulls. According to a report, Goldman Sachs recently said that Bitcoin was more susceptible to future interest rate rises than ever before owing to the fact that it currently trades in lockstep with conventional financial assets.
Bitcoin and Ethereum are down 44.67 percent and 46.16 percent, respectively, from their all-time highs. Earlier this week, the top cryptocurrency temporarily fell below $33,000, precipitating a major decline in the whole market.
McGlone suggested in an early January research report that $30,000 might become the new $3,000 mark for Bitcoin, alluding to the December 2018 slump.
He correctly predicted in September that a Bitcoin exchange-traded fund based on futures would be authorised in October.
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