Analyst Predicts Crypto Bull Market: $100K Bitcoin, $5K Ethereum Is Path of Least Resistance

Bloomberg Intelligence senior commodity strategist Mike McGlone has Affirmed his bitcoin worth prediction of $100K, seeing $5K for ethereum because of the path of least resistance. He expects the crypto market to thrive in an exceedingly “refreshed bull market.”

Cryptocurrencies Poised to Thrive, Bull Market Revived

Commodity strategist Mike McGlone mentioned his worth predictions for bitcoin and ethereum within the September edition of Bloomberg Crypto Outlook, printed Friday.

“Crypto-assets seem in an exceedingly revived and reinvigorated securities industry with the 2H advantage of a steep discount from previous highs at the beginning,” he began, adding:

“We see ethereum on target toward $5,000 and $100,000 for bitcoin. Portfolios of some combination of gold and bonds seem progressively naked without some bitcoin and ethereum connexion the combo.”

The analyst explained that “diminishing supply” is boosting the worth of ETH amid “increasing demand and adoption,” accenting that ethereum is that the primary divisor for non-fungible tokens (NFTs) “which are gaining traction.”

He mentioned “the fast downward mechanical phenomenon of recent ethereum offer, within the aftermath of the protocol modification that began burning coins at the beginning of August.” McGlone processed, “For the primary time, the 52-week rate-of-change within the quantity of recent ethereum coins vs. the overall outstanding is on target to drop below 4%.”

The Bloomberg analyst proceeded to explain that bitcoin reaching $100,000 is “highly probable, particularly once last year’s offer cut.” He continued: “Post-halving years have seen the best appreciation, and 4x in 2021 would be quite tame for the No. one crypto compared with 55x in 2013 and 15x in 2017.”

Emphasizing that “the bulls are in control,” the analyst declared that “Having survived correction, crypto assets [are] currently poised to thrive.” He elaborated:

“After enduring a gut-wrenching correction, we tend to see the crypto market possibly resume its upward mechanical phenomenon rather than drop below the 2Q lows.”