$ 100,000 Bitcoin, $ 5,000 Ethereum is the path of least resistance – Markets and prices Bitcoin News

[ad_1]

Bloomberg Intelligence senior commodities strategist Mike McGlone confirmed his bitcoin price forecast of $ 100,000, seeing $ 5,000 for Ethereum as the path of least resistance. He expects the crypto market to thrive in a “refreshed bull market.”

Cryptocurrencies set to thrive, bull market rekindled

Commodities strategist Mike McGlone discussed his price forecasts for bitcoin and ethereum in the September edition of Bloomberg Crypto Outlook, published on Friday.

“Cryptoassets appear in a revived and refreshed bull market with the 2H advantage of a steep discount from previous highs early on,” he began, adding:

We see Ethereum heading towards $ 5,000 and $ 100,000 for bitcoin. Wallets of a combination of gold and bonds are appearing increasingly bare without bitcoin and ethereum joining the mix.

The analyst explained that “the decrease in supply” increases the price of ETH against a background of “increasing demand and adoption”, pointing out that Ethereum is the main denominator of non-fungible tokens (NFTs) ” which are gaining ground “.

He discussed “the accelerated downward trajectory of the new ethereum offering, following the change in protocol that started to burn coins in early August.” McGlone clarified, “For the first time, the 52-week rate of change in the number of new Ethereum coins to total outstanding is on track to drop below 4%.”

The Bloomberg Intelligence analyst then described that bitcoin hitting $ 100,000 is “highly likely, especially after last year’s supply cut.” He continued, “The years after the halving saw the greatest appreciation, and 4x in 2021 would be quite tame for the No.1 crypto compared to 55x in 2013 and 15x in 2017.”

Insisting that “the bulls are under control,” the analyst claimed that “after surviving the correction, crypto assets [are] now ready to thrive. He elaborated:

After undergoing a heartbreaking correction, we see the crypto market more likely to resume its upward trajectory than to fall below 2Q lows.

Do you agree with the Bloomberg Intelligence analyst? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

[ad_2]