Mike McGlone, a well-known analyst for financial news agency Bloomberg, says that cryptocurrencies as bitcoin (BTC) on ethereum (ETH) well on the way to new ones all-time highs (ATHs). So says the analyst in a study published on Sept. 3:
— Mike McGlone (@mikemcglone11) September 3, 2021
McGlone reports that the cryptocurrency market has been revived after the sharp correction at the beginning of this summer. He says bitcoin lagged slightly during the current “decentralized finance (DeFi) revolution” led by the Ethereum network.
Ethereum’s success leads to competition, as can be seen from the rise of “Ethereum killers” and the increase of cardano (ADA) to the third position of largest crypto and solana (SOL) to seventh.
According to the analyst, bitcoin is on track to rise to $100,000 and ether to $5,000. He says investment portfolios made up of gold and bonds look “increasingly naked” without throwing some BTC and ETH into the mix. McGlone sees macro risk as the biggest threat to a renewed bull market in the crypto world.
“After going through a heartbreaking correction, we believe the crypto market will resume its upward trajectory rather than dip below the lows of the second quarter. What could prevent bitcoin and ethereum from hitting new record highs in the second half of 2021 may be the more difficult question. Increasing demand and adoption are confronted with declining supply.”
According to McGlone, who expects new ATHs this year for both cryptos. He says crypto may just be hype and speculation, but it could also be a revolution in money and finance. He rather expects the second.
Bitcoin hit an ATH of $64,804 in April after a huge surge since Christmas. The price then corrected all the way back to below $30,000 at the end of July. Bitcoin has since been on the rise again and is currently consolidating around $50,000.
Ether hit an ATH of $4,350 in mid-May, but then dropped all the way back to $1,800 in late July. Since then, ether has also been on the rise and currently stands at around USD 3,900.
–
