Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst
January 21 2022 - 6:00PM
NEWSBTC
Bitcoin and Ethereum have led the market in the recent downturns
that have rocked the market. These two digital assets are no doubt
market movers in their own right and as such, uptrends or
downtrends begin with them. It has raised concern among investors
who believe that the market is finally heading into a stretched-out
bear market. However, not everyone believes this as some believe
the current downtrend is only temporary. Mike McGlone On Bitcoin
And Ethereum Mike McGlone is one of the leading Bloomberg analysts.
Focused on the financial market, he authors a newsletter that
shares his thoughts around 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 various dips that
have rocked the space. Most especially on the top digital assets in
the crypto market. Related Reading | Solo Ethereum Miner Hits
The Jackpot With 170 ETH For Mining A Block McGlone who was on The
Wolf of all Streets podcast shared some interesting thoughts on the
market, putting the analyst at an overall bullish position for
bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on
TradingView.com The analysts point to the correlation with the
stock market. This, he explains, is getting ready for a pullback
and when this happens, bitcoin and by extension, ethereum, would
benefit from this correction. “Here’s my prediction: the markets
pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%,
correction in the stock market. All correlations are one, which is
usually the way it works. Bitcoin comes out better off for it.
Ethereum, potentially too.” This pullback though is only reflected
on the top two cryptos which McGlone expects to recover after this.
Other Cryptos May Not Fare Well Talking about other
cryptocurrencies, the analyst took a more bearish stance on them.
The positivity displayed in the podcast towards top coins bitcoin
and ethereum did not translate to the rest of the market which he
does not expect to fare well despite the pullback. Related Reading
| Ethereum Fee Averages Remain Above $30 Despite 35% Drop.
Price Pump Incoming? McGlone especially focused on dog coins which
were arguably the winners of 2021. The craze which saw various meme
tokens with no utility whatsoever soar to billions of dollars in
valuation was referred to as “stupid” by the Bloomberg analyst.
“The rest of the space, we do have to admit, the speculation you
saw in the dog coins last year was indicative of this. 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 did not seem excited about it. He lumped
SOL in with the dog coins, which he said were the riskiest of
assets. “The bottom line is they are the riskiest of assets,” said
McGlone. “There’s massive speculation. I mean the dog coins and
even in things like Solana,” he added. Featured image from Bitcoin
news, chart from TradingView.com
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