Mike McGlone of Bloomberg believes that Bitcoin (BTC) and Ethereum (ETH) prices will likely continue to rise.
Bloomberg Intelligence senior commodity strategist Mike McGlone stated that Bitcoin and Ethereum are still in their early adoption days. The analyst expects the two largest cryptocurrencies to continue to appreciate due to supply-demand dynamics.
Earlier this month, the analyst repeated his prediction that Bitcoin and Ethereum will reach $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 (SOL) and Binance Coin (BNB) to remain in the top five, along with Bitcoin, Ethereum and Tether.
At the same time, McGlone criticizes Dogecoin and Shiba Inu. He had recently said that the market should be purged of such meme cryptocurrencies. Fed up with inflation, the US Federal Reserve is seen as the biggest hurdle for cryptocurrency bulls. As previously reported, Goldman Sachs recently said that Bitcoin is now more vulnerable than ever to future interest rate hikes as it tends to trade incrementally with traditional financial assets.
Earlier this week, the leading cryptocurrency dropped below $33,000 and pushed the entire market down significantly. In his research note published in early January, McGlone wrote that $30,000 could be the new $3,000 level for Bitcoin, citing the crash that occurred in December 2018.
52820
