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Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off

Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency’s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin’s projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoin’s performance in 2024. 

Bitcoin Surge To $150,000 Unlikely

In a recent interview with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone discussed Bitcoin’s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle. 

Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing “divergent weakness,” highlighting that Bitcoin’s performance against the S&P 500 in 2021 was greater compared to 2024. 

He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market. 

The combination of these factors pushes McGlone to believe that Bitcoin’s short-term projected rise to $150,000 was unlikely. 

While the Bloomberg strategist made his foreboding prediction despite Bitcoin’s overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrency’s price and fundamental value in the long term. 

Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle. 

His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoin’s continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrency’s price following its launch on January 11, 2024. 

After Spot Bitcoin ETFs were successfully released into the market, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap. 

BTC Crash Presents Perfect Opportunity

According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a “tremendous opportunity” for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future. 

The reformed hedge fund manager revealed that Bitcoin’s short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency.

Bitcoin price chart from Tradingview.com

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Revised Forecast: Bloomberg Analyst Cuts Probability Of Bitcoin Spot ETF Rejection To 5%

Popular Bloomberg ETF analyst Eric Balchunas has lowered the possibility of the US Securities and Exchange Commission (SEC) denying the launch of the Bitcoin spot ETF to 5%. This latest forecast comes as crypto enthusiasts worldwide anticipate a wide-scale approval of various Bitcoin spot ETF proposals by the SEC on Wednesday, January 10.

Why The Bitcoin Spot ETF Approval Appears Nearly Certain: Bloomberg Analysts Weigh In

In October, Eric Balchunas and fellow Bloomberg analyst James Seyffart predicted that there is a 90% chance that ARK Invest and 21 shares would receive approval for their joint Bitcoin spot ETF bid on January 10, which marked the final deadline date for the SEC’s response on their application.

However, in a recent X post on January 6, Balchunas raised the probability of this greenlight to an astounding 95% after declaring that there was only a 5% probability the SEC would reject the ARK/21 ETF bid in the coming days. 

This new prediction is based on the implausibility of all scenarios, which could represent a possible delay or non-approval of the ARK/ 21 shares Bitcoin spot ETF application. In an earlier X post on January 6, James Seyffart had listed these scenarios starting with ARK/21 shares spontaneously withdrawing their ETF proposal from the SEC, which he claimed to be highly unlikely. 

Another scenario is that the SEC discovers new reasons to reject the launch of a crypto spot ETF, resulting in a drawn-out court battle between the US regulator and ARK/21Shares, a situation that Seyffart believes the SEC would rather avoid, especially following its recent loud legal loss against Grayscale investment.

The final event that the Bloomberg analyst believes could prevent the clearance of the ARK/21 Shares ETF bid is a direct intervention from the US Presidency, another scenario that appears remotely possible.  

The D-Day Approaches

The importance of ARK/21 Shares’ joint bid to the Bitcoin spot ETF saga revolves around its final deadline date for an SEC response, which is the earliest of the bunch. Now, it is believed that the SEC will rather approve several Bitcoin spot ETF applications at once regardless of their respective final deadline date in a similar fashion as it did with Ether-futures ETFs in August. 

This belief is backed by the discussions between the US regulator and various applicants in the last few weeks, leading to amendments in respective proposals, which indicates the preparation of an incoming approval.

At the time of writing, the set date of expectation remains January 10, with crypto enthusiasts highly enthusiastic about the potential bullish effects of a spot ETF on Bitcoin’s price over the year. Meanwhile, Bitcoin continues to trade at $44,050, having gained by 4.50% in the last week.

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Analyst Uncovers BlackRock Long Interest In Bitcoin Mining – Details

Based on a recent report by Bloomberg analyst Jamie Coutts, asset managers’ interest in Bitcoin stretches beyond exchange-traded funds (ETF) into the mining sector. In particular, Coutts speaks about BlackRock, describing the asset manager’s application with the US Securities and Exchange Commission (SEC) to offer a Bitcoin spot ETF as “unsurprising.” 

The analyst stated that BlackRock and other prominent global asset managers, namely Vanguard and State Street, have been involved in the Bitcoin mining industry for over three years. 

BlackRock And Other ESG-Driven Companies Investing In Bitcoin Mining, Analyst Says

James Coutts stated that BlackRock began its venture into Bitcoin mining in 2020 by investing in Marathon Digital, the second-largest publicly traded mining company.

Notably, this development occurred when the Bitcoin mining industry faced high criticism, likely due to the substantial reliance on fossil fuels.

Over the last three years, Coutts reports that BlackRock, Vanguard, and State Street have increased their respective investments in Bitcoin mining companies, regardless of the market cycle. 

Interestingly, all three asset managers are known to promote Environmental, Social, and Governance (ESG) investment principles, part of which is limiting fossil fuel use. However, it appears that investing in Bitcoin mining may not damage the ESG credentials of these companies. 

According to a report by Daniel Batten, co-founder of CH4 Capital, James Coutt notes that Bitcoin mining currently derives 50% of its energy from sustainable sources. And this percentage is likely to increase as Bitcoin mining has the unique ability to monetize stranded energy and stabilize energy grids. 

Potential Effect Of Bitcoin Mining Institutionalization

Based on James Coutts’s report, BlackRock and the two other asset managers in the discussion are currently the top investors in the three largest publicly traded mining companies, namely Marathon Digital, Riot Platforms, and Cleanspark. 

Together, these mining companies collectively own 8.9% of the global hash rate, which is significant as public miners only account for 15% of the global hash power.

For now, James Coutts believes that the involvement of these asset managers in Bitcoin mining poses little challenge to the network’s decentralization.

However, the analyst notes that there may be a future clash of network and ESG values, especially given the activist tendencies of BlackRock, Vanguard, and State Street.

However, this would not prevent the Bitcoin network from operating as expected. But it may lead other miners whose operations still rely on fossil fuels to start processing “censored transactions.”

At the time of writing, Bitcoin trades at $26,198.48, with a 0.57% gain in the last month, according to data from Tradingview. 

BlackRock

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Analyst: Blackrock’s Bitcoin Spot ETF May Unleash $30 Trillion From US Advisors

The possibility of a Bitcoin spot Exchange Traded Fund (ETF) launching in the US, which has gained much attention over the past months, has again made headlines due to Bloomberg ETF analyst Eric Balchunas’s recent suggestions.

According to the analyst, should the US Securities and Exchange Commission (SEC) approve BlackRock’s Bitcoin spot ETF, a vast pool of $30 trillion capital overseen by US financial advisors could be directed toward Bitcoin investments.

Notably, Balchunas clarified that while the approval of a BTC spot ETF could serve as an accessible pathway for the $30 trillion managed by financial advisors to flow into BTC investments potentially, it is not particularly sure if the entirety of the $30 trillion would move into Bitcoin.

The analyst noted that only a fraction of that amount might consider investing. Balchunas noted: “But even if 0.5% of that allocates, it’s $150b.”

Aftermath Of A BlackRock’s Bitcoin Spot ETF

It is worth noting that when BlackRock, boasting over $9 trillion in assets under management, lodged its Bitcoin spot ETF application, it didn’t merely mark its entry. It also dramatically tilted the probability scales for an ETF approval.

Before BlackRock stepped into the frame, the Bloomberg expert claimed that the odds of a BTC spot ETF seeing the light of day in the US hovered around a mere 1%. However, after BlackRock’s involvement, Balchunas disclosed in a podcast that the probability surged to 50%.

Their application had consequences. Balchunas observed a subsequent surge in similar applications from renowned entities, namely ARK Investment, Valkyrie, and Fidelity. This underscored BlackRock’s influence and the escalating competition in the space.

Balchunas noted:

Their application triggered a wave of similar filings by other prominent firms such as ARK Investment, Valkyrie, and Fidelity, setting the stage for a highly competitive environment.

Spot ETF Vs. Futures ETF: The Real Potential

The US isn’t entirely unacquainted with BTC ETFs. Bitcoin futures ETFs have already made their mark, albeit in a limited manner.

As it stands, these futures-based ETFs amass roughly $1 billion in total assets under management. A figure that, though impressive, may appear minor in the face of a spot ETF’s potential.

Balchunas went as far as to term the BTC spot ETF the “holy grail.” A product that, if approved, could overshadow existing futures ETFs and charge up the crypto domain in ways so far unseen.

Meanwhile, amid the race to approve a Bitcoin spot ETF, BTC has been in a continuous downtrend over the past week. The asset has dipped below the $26,000 mark, down by 5.7%. Bitcoin currently trades for $25,501, at the time of writing, down by nearly 1%.

Bitcoin (BTC) price chart on TradingView

Featured image from iStock, Chart from TradingView

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Bloomberg Expert Analyst Explains Why A Fall To $10,000 Isn’t Bad For Bitcoin

Since the price of Bitcoin fell below $30,000, numerous forecasts have been made on the currency’s potential future price outlook of the asset. As the biggest cryptocurrency in the world, Bitcoin has amassed price headlines, some of which are optimistic while others are pessimistic. 

However, a question that lingers is whether another crash is really the end of the world for Bitcoin. In such an event, Mike McGlone, a senior analyst at Bloomberg, believes that even a decrease in price to $10,000 would not be bad for Bitcoin.

Bitcoin Still Outperforming The Stock Market

A fall in Bitcoin to $10,000 would definitely lead to a chain of events in other cryptocurrencies, as most of the general market sentiment relies on Bitcoin. While many short-term holders and some long-term holders may panic sell, the long-term outlook is still bullish. 

Market analyst Mike McGlone puts the Bitcoin performance in comparison with the stock market, and the Amazon stock in particular. He points out that even with a 50% drop in its current price, BTC would still be outperforming Amazon stock.

Amazon has had one of the best growth in terms of stock price in 20 years. Over the past 20 years, Amazon shares have generated a total return of over 7,000%. However, this is small when compared to how much BTC has grown since its launch in 2009 since the asset is up 26,000x since it first traded for $1 in 2011. 

“Bitcoin compares with 130% for Amazon on a similar measure, but that took about 25 years. Heading back towards $10,000 would still maintain Bitcoin’s unprecedented performance,” he said. 

Bitcoin is known for wild price swings since digital currencies are emerging assets, and volatility comes with the territory. With a current market cap of $506 billion, BTC has a 48.3% dominance in the crypto market.

Bitcoin price chart from Tradingview.com

What’s Next For BTC?

Bitcoin is currently trading at $26,000 after the cryptocurrency climbed over $30,000 earlier this year but fears have pushed the price back down to its current level. At its current levels, however, BTC is up more than 30.75% from the same period last year, showing a better price sentiment than in 2022.

While BTC could definitely fall further below $26,000, a fall toward $10,000 is highly unlikely as many things would have to go wrong for BTC to reach $10,000.

BTC is also gaining more mainstream traction from institutions, especially with current spot Bitcoin ETF filings. As a result, there is a greater possibility of Bitcoin’s price increasing than decreasing in the coming months. 

This is not the first time $10,000 price predictions have come in regarding BTC. Late last year, Mark Mobius, founder of Mobius Capital predicted Bitcoin might drop to $10,000 in the short term. 

On the other hand, there have been some optimistic forecasts made recently. Tom Fundstrat, one of the co-founders of Fundstrat, believes the price of BTC could reach $150,000 or maybe even further by the end of next year.

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Mike McGlone Says $20,000 Is The New $5,000 For Bitcoin, But Is He Right?

With the recent Bitcoin price crash has come a number of speculations out of the market. Amateurs and experts alike have been giving their predictions on what they believe will happen going forward. While most have been bearish, the forecast from Mike McGlone is a rather bullish one. The Bloomberg analyst has sparked hope in the hearts of some with his forecast that $20,000 is the new $5,000 for bitcoin.

Good News For Bitcoin

McGlone took to Twitter to share his forecast for the leading cryptocurrency in the market. Panic had washed through investors when the digital asset had declined to the $20,000 level, tethering just slightly above it. While many believe that this was a signal for a further downtrend to come, some have said that it may have marked the bottom for the asset.

Related Reading | Bitcoin Funding Rates Remain Negative But Open Interest Tells Another Story

In his tweet, the Bloomberg analyst points to the early days of adoption in contrast with the diminishing supply of bitcoin may prevail. This argument is by no means a new one. The limited supply of BTC has long been one of its pulls for investors who believe that in the end, the scarcity of the cryptocurrency will be what drives its price higher. Mainly, McGlone suggests that BTC is approaching “too cold” levels, and as such, $20,000 may well be the new $5,000.

$20,000 #Bitcoin May be the New $5,000 – The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in 1H… pic.twitter.com/f5MImdhzgD

— Mike McGlone (@mikemcglone11) June 15, 2022

What this implies is that the bottom of the current downtrend may be in. Looking at the previous bear market, it is obvious that the bottom was clocked right when the price had fallen below $6,000 in the early days of 2022. If so, then there is no further decline for the digital asset from this point.

BTC resumes downtrend | Source: BTCUSD on TradingView.com
But Is The Bottom In?

Just as one historical movement can tell one story of the bitcoin bottom, so do the others. Now, it is known that the last bear market saw the price of bitcoin declined more than 80% from its all-time high. This trend has been closely followed through the bear markets. Despite the brutal crash in the last couple of days, bitcoin is still less than 70% down from its November all-time high. Given this, there may be more decline to come if it was to follow this trend.

Related Reading | Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

However, there is another trend that lends credence to McGlone’s prediction. This is the fact that no matter the decline, the price of the digital asset has never fallen below the previous cycle peak. Given that bitcoin’s last peak was a little under $20,000, the bottom may indeed be in if this trend is held.

One thing to note though is that the present market has been deviating from previously established trends. It had begun with the multiple bull rallies of 2021 and now has carried into the bearish market of 2022. So, maybe there will be more breaking of historical trends to come. 

Featured image from Cryptoknowmics, chart from TradingView.com

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Ethereum Could Grow More Than $6,000, Bloomberg Analyst Says

Ethereum had always had its price be a strong bone of contention among investors. While some may believe that the digital asset is overvalued, others believe that the cryptocurrency is yet to fulfill its potential. One of those is Bloomberg analyst Jamie Coutts, who has revealed a very bullish forecast for the digital asset, saying it would grow more than 100% from its current price.

Ethereum At $6,000?

Coutts has expressed a very positive outlook for the second-largest cryptocurrency, Ethereum. Like others before him, the Bloomberg analyst sees the cryptocurrency’s utility and real-world uses as the argument for this very high valuation. This is why Coutts has said that he sees the price of the digital asset growing to more than $8,300, over a 100% increase from where it is currently trading.

Related Reading | Ethereum Will Continue To Outperform Bitcoin, Here’s The Indicator That Says So

The Bloomberg analyst referred to the cryptocurrency as a “unique blend of equity, commodity, and monetary characteristics,” a school of thought not at all scarce among investors and supporters of Ethereum.

Using the discounted cash flow model that was created by Bloomberg, it is expected that the value of ETH tokens could rise as high as $6,128, more than doubling in price even after the recent surge.

What Is Driving This?

Besides Ethereum being one of the cryptocurrencies with the most utility, it has also made it onto the radar of big investors due to the upgrades being performed on the network. One of these upgrades is the move to the Ethereum consensus layer that will finally move the network from using the proof of work mechanism to utilizing the proof of stake mechanism already employed by a number of blockchains.

Related Reading | TA: Bitcoin Gains Momentum, Indicators Point Strong Move To $45K

This upgrade will not only upgrade the network in terms of security but it would help with scalability. By doing this, the network can allow for an even larger volume of transactions to be carried out.

ETH trading above $3,000 | Source: ETHUSD on TradingView.com

It is expected that with the final “Merge” will come more demand for Ethereum. If this is the case, then with the higher demand will come higher network use. This will inadvertently lead to higher fees on transactions, meaning higher returns for network validators. Furthermore, predicted growth like this will see more people lock their ETH to become validators.

Following this trend, Ethereum will likely surge in value as more investors clamor to get their hands on the cryptocurrency. And with the EIP-1559 burn making it a deflationary token, the surge predicted by Bloomberg seems more realistic than it is optimistic.

Featured image from DataDrivenInvestor, chart from TradingView.com

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Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

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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Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst

Crypto predictions are on the rise with the recent bull run that saw the price of bitcoin surge past $50,000 again. Now, Market analyst Mike McGlone lays out the path of Bitcoin and Ethereum hitting new highs that would see them both at least go up 100% from their current price points. In the most recent release of the Bloomberg Indices Outlook Crypto, McGlone puts bitcoin on course for $100,000 and Ethereum at $5,000.

Related Reading | Venture Capitalist Bill Gurley Takes Personal Position In Ethereum, Here’s Why

This comes from a revived bull market that began as the second quarter of 2021 draws to a close. Setting both digital assets and the crypto market at large for massive success. Despite bitcoin lagging behind as decentralized finance takes root in the industry, the analyst believes that the price is set to explode.

Charging With The Bulls

Currently, trends show that bulls still have complete control of the crypto market. This has seen bears lose massively with liquidated shorts. But it hasn’t always been peachy. Like any bull market, the recent one has been no different when it comes to correction. The present rally has been rife with various downwards corrections that have usually dragged prices down. But recoveries have been abundant with cryptos using these downwards corrections as bounce-off points for a fresh rally.

Related Reading | Market Analyst Sees Bitcoin Peaking At $100,000 By Year-End

The last correction puts digital assets like bitcoin and ethereal on course to new highs before correcting back down. The likelihood of a correction down that would lead to lows witnessed in the second quarter is very slim at this point. Right now, crypto is charging upward and there is not a single roadblock big enough to stop it.

With growing demand and adoption, these price predictions look achievable in the not too distant future. Supply has been constantly diminishing with investors hoarding their coins. This is evident from accumulation patterns and reserve exchanges seeing fewer inflows than outflows.

Crypto Is Here To Stay

The term “crypto is a bubble” has come and gone. With the passage of time, the market has proven that it is anything but a bubble. Thus, showing that it is here to stay. The crypto market may just be hype and speculation,” says McGlone. “Or it could be a revolution in money and finance that’s in early price-discovery days.” McGlone, in his report, notes that bias is usually with the sentiment that crypto is just hype and speculation. Although the success of cryptocurrencies would beg to differ.

With the current trajectory, the market analyst believes that bitcoin and ethereum will maintain the upward movement given that it’s the path of least resistance. “Simply staying the course is the more likely outcome,” McGlone adds.

BTC price settles above $50K | Source: BTCUSD on TradingView.com

Bitcoin’s use case as a store of value and Ethereum’s use case as the building block of decentralized finance is why they are so valuable. Presently, the value of bitcoin looks to have settled above $50,000, currently trading at $50,653 at the time of writing. While Ethereum is back down into the $3,900 range after resistance at $4,000.

Featured image from All In One Crypto App, chart from TradingView.com

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Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst

As Bitcoin continues its tumultuous run through the market, analysts continue to see big things in store for the cryptocurrency. Bloomberg analyst Mike McGlone recently said in the August Edition of the Bloomberg Galaxy Crypto Index (BGCI) that the coin was set to outperform in the second half of the year. Already one month into the second half of the year, the market has seen the price of bitcoin breaking $40,000 for the first time since the market crash.

The report said bullish fundamental underpinnings would improve this second half. Likely relating to the continuous growth of the digital asset over the past two weeks. Continuing upward trends have put the digital asset at bullish trends that see the asset price increasing higher.

Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients

The report sees the current trends enduring, which would most likely push the assets to continue to outperform as the second half of the year plays out.

Bitcoin Reasserts Leadership Of Crypto Market

Bitcoin continues to be the number one cryptocurrency in the market. A large share of crypto market dominance continues to be held by the digital asset. With over 45% of market dominance belonging to bitcoin. This puts the digital asset at the top of the food chain when it comes to the cryptocurrency market.

The report points out that the pioneer cryptocurrency recently reasserted its dominance in the market with the recent 10% in the price, following the weekend rally that saw top crypto coins across the board gaining significant numbers in their price.

BTC price moves into downtrend | Source: BTCUSD on TradingView.com

Bitcoin was tied in with gold and long bonds as the top assets that were set to outperform this second half of the year. Pointing out their decades-long advancement and recent price dips as an enhancement for their current relative values.

Ethereum In Resting Bull Ark

The report also touched on the current movement of Ethereum along with bitcoin. Explaining that the continuing growing nature of the digitalized finance market will bring about an uptrend in the price of Ethereum.

Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst

Ethereum has continuously outperformed in the market since its inception. So it is not a stretch to believe that the asset is set to outperform, following behind bitcoin. Ethereum still commands the second largest market cap in the crypto market. And is gaining more and more market share as the coin continues to gain more value. With upgrades set to happen on the network, ETH is going to be even more valuable than ever.

The report pointed out that adoption will increase for both Bitcoin and Ethereum. While dollar dominance will continue to remain a prominent theme in the market.

Featured image from Markets Insider, chart from TradingView.com