Bloomberg Intelligence senior commodity strategist Mike McGlone has affirmed his bitcoin price prediction of $100K, seeing $5K for ethereum as the path of least resistance. He expects the crypto market to thrive in a “refreshed bull market.”
Cryptocurrencies Poised to Thrive, Bull Market Revived
Commodity strategist Mike McGlone discussed his price predictions for bitcoin and ethereum in the September edition of Bloomberg Crypto Outlook, published Friday.
“Crypto-assets appear in a revived and refreshed bull market with the 2H benefit of a steep discount from previous highs at the start,” he began, adding:
We see ethereum on course toward $5,000 and $100,000 for bitcoin. Portfolios of some combination of gold and bonds appear increasingly naked without some bitcoin and ethereum joining the mix.
The analyst explained that “diminishing supply” is boosting the price of ETH amid “increasing demand and adoption,” emphasizing that ethereum is the primary denominator for non-fungible tokens (NFTs) “which are gaining traction.”
He discussed “the accelerating downward