While the market may be suffering, Bloomberg analyst believes that Bitcoin and Ethereum will rebound stronger

Bitcoin and Ethereum have dominated the market throughout the recent market downturns. These two digital assets are unquestionably market movers in and of themselves, and as such, uptrends and downtrends begin with them. It has sparked alarm among investors who feel the market is on the verge of entering a prolonged bear market. However, this is not universally believed, since others feel the present slump is only transitory.

Mike McGlone is a top Bloomberg analyst. Concentrating on the financial sector, he publishes a weekly in which he provides his insights on a variety of markets, including equities and the cryptocurrency market. McGlone is now one of the market’s most bullish observers, despite the market’s several drops. Most notably on the market’s most valuable digital assets.

McGlone, who was a guest on The Wolf of All Streets podcast, revealed some fascinating market insights, placing the analyst in an optimistic stance for bitcoin and ethereum in general.

According to experts, there is a link with the stock market. This, he says, is preparing for a correction, which will favour bitcoin and, by extension, ethereum.

“Here’s my prediction: markets will correct,” Mike McGlone said. “We finally see a 10%, even 20%, correction in the stock market. All correlations are identical, which is often the case. Bitcoin benefits from the transaction. Ethereum, maybe as well.”

This correction, however, is limited to the top two cryptocurrencies, which McGlone anticipates will rebound after this. When it comes to other cryptocurrencies, the expert has a more gloomy perspective. The podcast’s optimism for bitcoin and ethereum did not extend to the rest of the market, which he does not anticipate to do well despite the dip.

McGlone concentrated on dog coins, which were perhaps the 2021 winners. The Bloomberg analyst characterised to the frenzy, which saw numerous meme tokens with no use climb to billions of dollars in price, as “dumb.”

“With regards to the remainder of the space, we must confess that the speculation saw in the dog coins last year was symptomatic of this. It’s absolutely dumb, and we’re going to tell our grandchildren about it,” he said.

McGlone did not seem enthusiastic about Solana, despite the fact that it had a fairly successful year. He included SOL in with dog coins, which he described as the riskiest asset class. “The simple truth is that they are the riskiest asset class,” McGlone said. “There is widespread suspicion. I’m referring about the dog money and even to items like as Solana,” he continued.

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