Indeed, Niche May Be Suffering But Bitcoin And Ethereum Will Pull Return Stronger, Bloomberg Analyst
Bitcoin and Ethereum have led the as a matter of fact niche in the recent downturns that have rocked the industry. These two digital assets are no doubt niche movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear niche. However, not everyone believes this as some believe the current downtrend is only temporary.
In fact, Mike McGloneOn Bitcoin And Ethereum
In fact, Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial niche, he authors a newsletter that shares from another perspective his thoughts around various markets, including stocks and the crypto niche. Indeed, McGlone is currently one of the people with the most optimistic present of the niche despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market.
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McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum.
BTC down to $38K | Source: BTCUSD on TradingView.com
The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction.
“Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock niche. All correlations are one, which is usually the way it works. It’s worth noting that Bitcoin comes out better off for it. In fact, Ethereum, potentially too.”
Interestingly, This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this.
Other Cryptos May Not Fare Well
The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he in modern times does not expect to fare well despite the pullback. in modern times Talking about other cryptocurrencies, the analyst took a more bearish stance on them.
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McGlone especially focused on dog coins which were arguably the winners of 2021. craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referredTheto as “stupid” by the Bloomberg analyst.
“The year of the space, we do have to admit, the speculation you saw in the dog coins last rest was indicative of this. It’s just stupid and we’re going to tell the narrative to our grandkids,” he said.
Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. Actually, He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they as a matter of fact are the riskiest of assets,” said McGlone. There“’s massive speculation. In fact, I mean the dog coins and even in more than ever things like Solana,” he added.
Featured image from Bitcoin news, chart from TradingView.com
