Bitcoin and Ethereum Are In Early Adoption Days, Says Bloomberg Intelligence Analyst

Alex Dovbnya

Bloomberg’s Mike McGlone Is Convinced Bitcoin and Ethereum Prices Will Most Likely Continue Marching Higher

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, believes Bitcoin and Ethereum are still in their infancy.

He expects the two largest cryptocurrencies to continue to rise due to the dynamics of supply and demand.

McGlone believes that only a black swan can stop the spread of these cryptocurrencies.

Earlier this month, the analyst doubled down on his prediction that Bitcoin and Ethereum would reach $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 was highly critical of Dogecoin and Shiba Inu. He recently said that the market of such meme coins needed to be purged for the blue chips to thrive.

The inflation-weary US Federal Reserve is seen as the biggest barrier to cryptocurrency bulls. As reported by U.Today, Goldman Sachs recently said Bitcoin was more vulnerable than ever to future rate hikes due to the fact that it now tends to trade in lockstep with traditional financial assets.

Bitcoin and Ethereum are down 44.67% and 46.16% respectively from their record highs.

Earlier this week, the major cryptocurrency briefly fell below $33,000, sending the entire market significantly lower.

In his research paper published in early January, McGlone wrote that $30,000 could become the new $3,000 level for Bitcoin, citing the crash that happened in December 2018.

Last September, he accurately predicted that a futures-based Bitcoin exchange-traded fund would be approved in October.

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