For Bloomberg, bitcoin and ethereum are still in early adoption

For Bloomberg

"Bitcoin and ethereum still remain in early adoption, with increasing demand in relation to the decline in supply and the related implications on prices. Unless something unlikely reverses the proliferation of nascent technology, prices should rise over time. " This was said by Bloomberg Intelligence senior commodity strategist Mike McGlone.

The two largest cryptocurrencies are expected to continue to appreciate due to supply and demand dynamics. Earlier this month, the analyst doubled his prediction that bitcoin and ethereum would reach $ 100,000 and $ 5,000, respectively, by the end of 2022. In December, McGlone predicted that bitcoin would outperform the US equity market. br>
Solana and binance coin are expected to remain in the top five along with bitcoin, ethereum and tether. At the same time, McGlone was highly critical of dogecoin and shiba inu. He recently said the market had to be cleared of such meme coins for blue chips to thrive.

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Bitcoin and Ethereum are down 44.67% and 46.16% respectively from their record highs. Earlier this week, the leading cryptocurrency briefly dropped below $ 33,000, pushing the entire market significantly lower.

In his research note published in early January, McGlone wrote that $ 30,000 could become the new $ 3,000 per bitcoin level, referring to the crash in December 2018. Last September, he accurately predicted that a futures-based bitcoin exchange-traded fund would be approved in October.