Bloomberg’s McGlone Predicts Ethereum to Remain Stable than Bitcoin in Next Round of Sell Off
Mike McGlone, senior macro analyst at Bloomberg Intelligence, asserts that Ethereum (ETH) is exhibiting solid support, whereas Bitcoin (BTC) is set to decline. In a recent conversation with Deep Dive presenter Cassandra Leah, McGlone predicts that Bitcoin prices might fall by 38% from its present level, equating the risky commodity to IT stocks during the dot-com crash.
At the time of preparing this report, Bitcoin is traded for $16,266. Nevertheless, according to McGlone, Bitcoin will certainly recover again after a further decline brought on by the FTX collapse and market spillover effects.
“Bitcoin fell precipitously for a valid cause. I believe it has more drawbacks… Let’s begin with a positive disposition. In the grand scheme of things, I continue to see Bitcoin as a young asset/technology. The situation will improve with time. In the interim, though, we are experiencing agony comparable to Internet equities in 2000 and 2002. There, it may achieve a solid floor between $10,000 and $12,000. This is quite good support. And thereafter finally, at some moment, it will emerge victorious and continue its upward course.”
McGlone predicts that Ethereum’s smart contract platform will likely maintain a price over $1,000. While preparing this report , the price of ETH is $1,176. “Ethereum is something I’ve been monitoring and maintaining a close eye on. On Thursday, March 17th, the price of Ethereum is over $1,200, which is almost 12 times more than it was at the end of 2019, which was just before COVID struck. Consider the level about $1,000 to be a rather robust support.”
According to McGlone, the effects of the FTX collapse will certainly continue to depress the market via sell-offs.
“This is a concern, and so every single risk manager and financial advisor on the planet is currently double-checking all their risk administrations, all their assets, and everyone they have links with. This is a part of the trickle-down effect, and it is also affecting individuals to avoid investing in the majority of their assets.”