Crypto predictions are rising with the recent bull run that saw the price of Bitcoin back above $ 50,000. Now, market analyst Mike McGlone is outlining the path for Bitcoin and Ethereum to hit new highs that would cause both to rise by at least 100% from their current price points. In the most recent publication of the Bloomberg index Outlook Crypto, McGlone puts Bitcoin at $ 100,000 and Ethereum at $ 5,000.
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This is due to a revived bull market that began towards the end of the second quarter of 2021. Leverage both digital assets and the crypto market as a whole for massive success. Although Bitcoin is lagging behind as decentralized funding takes hold in the industry, the analyst believes the price will skyrocket.
Charging with the cops
Currently, trends show that bulls are still in complete control of the crypto market. This has resulted in bears with liquidated shorts losing massively. But it wasn’t always peach. As with any bull market, the most recent one was no different in terms of correction. The current rally has been full of various downward corrections that have usually dragged prices down. However, there have been numerous rallies in cryptos, using these downward corrections as rebound points for a new rally.
Related reading | Market analyst sees Bitcoin high of 100,000 US dollars by the end of the year
The latest correction puts digital assets like Bitcoin and Ethereal on track to new highs before being revised back down. The likelihood of a downward correction that would lead to lows in the second quarter is currently very small. Right now, crypto is charging upwards and there isn’t a single roadblock big enough to stop it.
With growing demand and acceptance, these price predictions appear to be achievable in the not too distant future. The supply is constantly decreasing as investors hoard their coins. This can be seen in accumulation patterns and reserve exchanges, which have fewer inflows than outflows.
Crypto is here to stay
The term “crypto is a bubble” has come and gone. Over time, the market has proven to be anything but a bubble. This shows that it will stay here. The crypto market can only be hype and speculation, ”says McGlone. “Or it could be a revolution in money and finance that is in the early days of pricing.” McGlone notes in his report that the bias is usually linked to the feeling that crypto is just hype and speculation. Although the success of cryptocurrencies would be different.
With the current development, the market analyst believes that Bitcoin and Ethereum will maintain the upward movement as this is the path of least resistance. “Just staying on track is the more likely outcome,” added McGlone.
BTC price settles above $50K | Source: BTCUSD on TradingView.com
The use case of Bitcoin as a store of value and the use case of Ethereum as a building block of decentralized finance are the reason they are so valuable. Bitcoin’s value currently appears to have leveled off above $ 50,000 and is currently trading at $ 50,653 at the time of writing. While Ethereum fell back into the $ 3,900 area after the resistance at $ 4,000.
Featured image from All In One Crypto App, chart from TradingView.com