The cryptocurrency and commodity analyst, who had some predictions in the past, talked about an altcoin project. According to him, this cryptocurrency has the potential to replace the leading cryptocurrency Bitcoin in the future.
“This altcoin has the power to replace Bitcoin”
The person who made the prediction was Bloomberg Intelligence senior crypto analyst Mike McGlone. McGlone explained that he believes the leading altcoin project Ethereum can dethrone BTC. In fact, according to him, once ETH does this, it will become a defining crypto for the prices of other altcoins. The leadership that currently allows Bitcoin price movements to affect prices across the entire market will shift to ETH.
The leading analyst says crypto prices and overall performance are heavily dependent on ETH. According to him, it is critical whether Ethereum breaks the $2,000 resistance level. Because whether he does this or not will affect all other beings. However, McGlone sees the possibility of the leading altcoin hitting the $2,000 resistance more likely than it crashes. According to him, the support at $1,000 is stronger than the $2,000 resistance for ETH.
ETH gains strength against BTC as Merge approaches
As Cryptokoin.com previously reported, Ethereum is gaining strength against Bitcoin as Merge approaches. In fact, the leading altcoin has seen the strongest parity levels against Bitcoin this year, with Merge hype. So to date, ETH has never been stronger against BTC. Meanwhile, McGlone does not deny that ETH will face some problems while saying that it is on the path of leadership. However, he still considers the altcoin to be a revolutionary project in finance.
“Bitcoin is on big sale”
Mike McGlone recently published an analysis of the Bitcoin price. Accordingly, he noted that BTC is currently trading at its “steepest” discount to its 100-week MA. The largest cryptocurrency appears to be moving similarly to previous bottom cycles. Therefore, the analyst predicts that the leading crypto is trading at low prices in a “long bull market”. Today, BTC price has dropped to its lowest level since the beginning of July.
“BTC and altcoin markets are in their early days”
In January, a Bloomberg senior analyst shared that he thinks crypto is in its early stages. According to him, Bitcoin and Ethereum will see much greater adoption and therefore price increase in the future. The analyst was also supporting the leading altcoin project in the bull run in October 2021. In a post he made at that time, McGlone said that he was waiting for $ 5,000 for ETH.
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