Bloomberg Analyst Drops Predictions About Bitcoin And Ethereum

More exciting predictions about the most important digital assets are coming these days. Check out the latest ones below.

Bloomberg senior commodity strategist Mike McGlone has recently explained the fact that he’s long-term bullish on Bitcoin (BTC) and Ethereum (ETH).

He also made sure to note that both cryptos are still in their “early adoption” days.

On Twitter, he said that the most important digital assets by market cap are flashing signs of long-term health.

“Bitcoin and Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications. Our bias is why complicate it – unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time.”

He also explained that Bitcoin could have formed a bottom ar around $30k.

“What ends Bitcoin, Ethereum range trade? Bullish Fundamentals – by the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages.”

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $38,276.

Regarding the state of Ethereum in the crypto market these days, McGlone says ETH’s fundamentals remain strong.

“Ethereum nearing lower end of $2,000-$4,000 range – rising demand vs. declining supply apply, with related upward price inferences. Bullish fundamentals are intact and technical guidance has been straightforward – buyers benefiting around $2,000 and sellers at about $4,000.”

At the moment of writing this article, ETH is trading in the green, and the second digital asset by market cap is priced at $2,750.

Recently we also revealed something pretty crucial about Bitcoin mass adoption.

The adoption of Bitcoin and other digital assets increases, and their price starts to correlate more and more with other macro assets such as crude oil, technology stocks, and the US dollar.

A correlation with traditional markets could ultimately make crypto-assets unsuitable for diversification, according to analysts.