Mike McGlone, known for his successful Bitcoin price predictions, shares what he expects from the cryptocurrency market after the sideways movements. Let’s take a look at the analyst’s recent tweets and statements, keeping in mind that the estimates are not certain.
Catalysts of the cryptocurrency market
Despite the recent dips of Bitcoin and Ethereum, veteran commodity strategist Mike McGlone, who correctly predicted $10,000, $12,000, and $50,000 in BTC, expects bullishness after sideways price movements. McGlone bases this on the law of supply and demand:
According to the rules of the economy, a market with increasing demand and decreasing supply rises over time.
https://twitter. com/mikemcglone11/status/1486664371388522504
In late June 2021, Bitcoin (BTC) reached the death cross, and then recalled its former prices at $28,800. Exactly one month later, Bitcoin gained momentum and the death cross occurred in mid-September. As a result, BTC reached the ATH level of $69,000 in November 2021. According to Mike McGlone, in similar circumstances, Bitcoin may bottom out again around $30,000 while falling short of $60,000. The analyst, known for his accurate predictions, said in a tweet:
The fact that Bitcoin is a rising asset, with a market cap of less than $1 trillion and slightly expanded against nearly $100 trillion of global equities, could add value to the coin. Our chart shows a bottom indicator for BTC. “It’s about 30% below its 20-week average. ”
https://twitter. com/mikemcglone11/status/1486096864013336586
Bitcoin and Ethereum bullish predictions
Despite the recent dips of Bitcoin and Ethereum, bullish predictions are still strong for leading cryptos. Cryptocoin. As we reported on com, Ark Invest predicts that the market value of Ethereum could reach $20 trillion and the price of Bitcoin could exceed $1 million by 2030, judging by the use cases of BTC and how Ethereum has captured market share from traditional finance (TradFi). is doing. Reaching or possibly exceeding a market cap of $20 trillion in the next 10 years, Ethereum could be between $170k and $180k if it materializes.
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