Bloomberg Intelligence analyst Mike McGlone says some leading cryptocurrencies will outperform other commodity assets by the end of the year. McGlone talks about Bitcoin, Solana and Ethereum. Here are the details…
Mike McGlone: Bitcoin, SOL and ETH will continue to rise
In a new interview on the Scott Melker podcast McGlone, leading cryptocurrency Bitcoin (BTC), top smart contract platform Ethereum (ETH) and ETH rival Solana (SOL) will continue their uptrend as the US stock market drops further. He says a more dramatic correction in the stock market will force the Federal Reserve to change its setting on monetary tightening, which will then trigger bull runs in risky assets like cryptocurrencies. The expert uses the following phrases:
I currently see cryptos basically as a pawn in the recession wave. The Fed will continue to chatter until the stock market. Then the stock market will drop so much that the US Federal Reserve will pause. That’s when I think we’ll see what happens anyway. I don’t know about Bitcoin, Ethereum and others, maybe Solana, they will continue their performance trend and they’ve already done a good job.
What is the bottom indicator for cryptocurrencies?
As Cryptokoin.com previously reported, McGlone, who correctly predicted $6,000, $12,000 and $50,000 in the price of the leading cryptocurrency BTC, said that the Federal fund futures rate is a “sub-indicator” for the crypto market. He said he believed he could act as a The analyst says a shift in sentiment can happen when investors are supremely cautious in Fed fund futures. The analyst says the following:
My main theme is if you want a good bottom for Bitcoin (BTC) and cryptos, look at Fed fund futures… that’s what the market expects the Fed to do a year from now. Currently, it is priced at 3 percent or more, and its true rate is 1 percent, and as this forward expectation begins to bottom out, I think Bitcoin will bottom out.
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