Market May Suffer, But Bitcoin And Ethereum Will Retire Stronger, Bloomberg Analyst
Bitcoin and Ethereum have led the market in the recent recessions that have rocked the market. These two digital assets are undoubtedly market movers in their own right and as such uptrends or downtrends start with it. It has raised concerns among investors who believe the market is finally headed for a long drawn out bear market. However, not everyone believes this as some believe that the current downward trend is only temporary.
Mike McGlone on Bitcoin and Ethereum
Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he writes a newsletter in which he shares his thoughts on various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market, despite the several dips that have rocked the space. Especially on the top digital assets in the crypto market.
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McGlone who was in The Wolf of all Streets podcast shared some interesting thoughts on the market, leading the analyst to an overall bullish position for bitcoin and ethereum.
BTC to $38K | Source: BTCUSD on TradingView.com
The analysts point to the correlation with the stock market. This, he explains, is gearing up for a pullback and when it does, bitcoin and by extension ethereum would benefit from this correction.
“Here’s my prediction: the markets are retreating,” Mike McGlone said. “We’re finally getting a 10% correction, maybe 20% in the stock market. All correlations are one, and that’s usually the way it works. Bitcoin comes out better. Ethereum, possibly too.”
However, this pullback is only reflected in the top two cryptos McGlone expects to recover next.
Other cryptos may not be doing well
Speaking of other cryptocurrencies, the analyst took a more bearish stance on them. The positivity shown in the podcast towards bitcoin and ethereum did not translate to the rest of the market, which he expects will not fare well despite the downturn.
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McGlone mainly focused on dog coins that were arguably the 2021 winners. The craze where various meme tokens rose to billions of dollars in valuation for no avail has been termed “stupid” by the Bloomberg analyst.
“The rest of the space, we have to admit, the speculation you saw in the dog coins last year was an indication of that. It’s just stupid and we’re going to tell the story to our grandkids,” he said.
Even for a digital asset like Solana, which had a largely successful year, McGlone didn’t seem thrilled about it. He lumped SOL with the dog coins, which he believed were the riskiest assets. “The bottom line is that they’re the riskiest assets,” McGlone said. “There is massive speculation. I mean the dog coins and even in things like Solana,” he added.
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