06 Sep Analyst Prediction Crypto Market Price: $5K Ethereum , $100K Bitcoin
Bitcoin ethereum Price news Bloomberg Intelligence Senior Commodities Strategist Mike McGlone confirmed his prediction of a $100K bitcoin price, seeing $ 5K for Ethereum as the path of least resistance. He expects the cryptocurrency market to flourish amid a “new bull market.”
Commodity strategist Mike McGlone discussed his Bitcoin and Ethereum price predictions in the September Bloomberg Crypto Outlook published Friday.
Analyst Prediction Market Price of Bitcoin ethereum Price news
“Cryptocurrencies are emerging in a vibrant and revitalized bull market with a 2H advantage in the form of a sharp drop from the previous high at the start.” started, add:
We see Ethereum approaching $5,000 and $100,000 in Bitcoin.
The analyst explained that the “shrinking supply” affects the price of ETH amid “growing demand and adoption,” while emphasizing that Ethereum is the main denominator of non-fungible tokens. (NFT) is “picking up steam.” Ethereum after a protocol change that started burning coins in early August. McGlone explains: “For the first time in 52 weeks, the rate of change in the number of new Ethereum coins in circulation is less than 4%.
A Bloomberg Intelligence analyst went on to describe that Bitcoin will hit $100,000 “very likely, especially after last year’s supply contraction.” The years following the average showed the highest growth in the exchange rate, and 4 times in 2021 will be quite modest for cryptocurrency # 1, compared to 55 times in 2013 and 15 times in 2017. The analyst stated that “having survived the correction, cryptoassets are ready to prosper.
He went on to explain:
“After a heartbreaking correction, we find that the cryptocurrency market is more likely to continue its upward trajectory than to dip below the second quarter low.
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