Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has affirmed that Bitcoin and Ethereum are still in the early days of adoption.
Bitcoin and Ethereum are in early adoption days
He expects the two largest cryptocurrencies to continue appreciating due to supply-demand dynamics. McGlone believes that even a single black swan will be able to stop the rise of these cryptocurrencies.
“Bitcoin and Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications. Our bias is why to complicate it — unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time”, he stated.
Source: Mike McGlone/Twitter
Earlier this month, the analyst doubled down on his prediction that BTC and Ethereum will hit $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 make the top five alongside Bitcoin, Ethereum, and Tether.
At the same time, McGlone was very critical of Dogecoin and Shiba Inu. Recently, he said that the market must be purged with such memes for blue chips to thrive.
The US Federal Reserve, due to inflation fatigue, is considered the biggest obstacle for crypto bulls. Goldman Sachs recently said that Bitcoin is more vulnerable than ever to future rate hikes because it currently tends to trade in lockstep with traditional financial assets. From their record highs, BTC and Ethereum are down 44.67% and 46.16%.
Earlier this week, the leading cryptocurrency briefly dipped below $33,000, pushing the entire market significantly lower. In his research note published in early January, McGlone wrote that $30,000 could become the new $3,000 level for Bitcoin, referring to the crash in December 2018.
Last September, he correctly forecasted that the Bitcoin futures exchange-traded fund (ETF) would be approved in October.
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