Bitcoin and Ethereum led the market in recent declines that shook the market. Both of these digital assets are no doubt shifting the market in their own right, and so an uptrend or a downward trend starts with them. It has raised concerns among investors who believe the end market is heading for a bear market. However, not everyone believes this, as some believe that the current downtrend is only temporary.
Mike McGlone on Bitcoin and Ethereum
Mike McGlone is one of the leading Bloomberg analysts. Focusing on financial markets, he writes newsletters that share his thoughts on various markets, including stocks and cryptocurrencies. Currently, McGlone is one of the most optimistic people in the market, despite the many setbacks that have rocked the space. Especially on the top digital assets in the crypto market.
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McGlone, who is on The Wolf of all Streets podcast, shares some interesting ideas on the market, putting analysts on the overall upside for bitcoin and ethereum.
BTC down to $38K | Source: BTCUSD on TradingView.com
Analysts point to the involvement of the stock market. This, he explains, is preparing for a withdrawal, and when that happens bitcoin and by extension ethereum will benefit from this correction.
“This is my prediction: the market is down,” said Mike McGlone. “We finally get 10%, maybe 20% correction in the stock market. All the relationships are the same, that normally works. Bitcoin comes out better for it. Ethereum also has potential.”
The retreat is only reflected in the top two cryptocurrencies that McGlone expects to recover after this.
Other Cryptos may not be so good.
Speaking of other cryptocurrencies, analysts have taken a further bearish stance on them. The positives shown in the podcast towards bitcoin and ethereum top coins did not translate into other markets, which he did not expect to improve despite the retreat.
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McGlone is particularly focused on the 2021 winner dog coin. The craziness of seeing so many meme symbols without any utilities, reaching billions of dollars, is considered “stupid” by Bloomberg analysts.
“The rest of us have to acknowledge that the expectations you saw in the dog coin last year prove this. “It’s just stupid and we will tell the story to our grandchildren.”
Even for digital assets like Solana, which has been successful for years, McGlone does not seem excited about it. He put SOL into the dog coin, which he said was the most risky asset. “The point is, they are a very risky asset,” McGlone said. “There are big expectations. I mean coins, dogs and even in things like Solana, ”he added.
Featured image from Bitcoin news, chart from TradingView.com