{"id":481713,"date":"2022-01-21T23:00:22","date_gmt":"2022-01-21T23:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=481713"},"modified":"2024-06-11T07:18:23","modified_gmt":"2024-06-11T07:18:23","slug":"market-may-be-suffering-but-bitcoin-and-ethereum-will-pull-back-stronger-bloomberg-analyst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/market-may-be-suffering-but-bitcoin-and-ethereum-will-pull-back-stronger-bloomberg-analyst\/","title":{"rendered":"Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst"},"content":{"rendered":"

Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary.<\/p>\n

Mike McGlone On Bitcoin And Ethereum<\/h2>\n

Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market.<\/p>\n

Related Reading |\u00a0Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block<\/a><\/strong><\/em><\/p>\n

McGlone who was on The Wolf of all Streets podcast<\/a> shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum.<\/p>\n

\"Bitcoin<\/p>\n

BTC down to $38K | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction.<\/p>\n
\u201cHere\u2019s my prediction: the markets pull back,\u201d said Mike McGlone. \u201cWe finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.\u201d<\/p>\n
This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this.<\/p>\n
Other Cryptos May Not Fare Well<\/h2>\n
Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback.<\/p>\n
Related Reading |\u00a0Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?<\/a><\/strong><\/em><\/p>\n
McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as \u201cstupid” by the Bloomberg analyst.<\/p>\n
\u201cThe rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It\u2019s just stupid and we\u2019re going to tell the story to our grandkids,\u201d he said.<\/p>\n
Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. \u201cThe bottom line is they are the riskiest of assets,\u201d said McGlone. \u201cThere\u2019s massive speculation. I mean the dog coins and even in things like Solana,\u201d he added.<\/p>\n
Featured image from Bitcoin news, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary. Mike McGlone On Bitcoin And Ethereum Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market. Related Reading |\u00a0Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on TradingView.com The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction. \u201cHere\u2019s my prediction: the markets pull back,\u201d said Mike McGlone. \u201cWe finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.\u201d This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this. Other Cryptos May Not Fare Well Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback. Related Reading |\u00a0Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming? McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as \u201cstupid” by the Bloomberg analyst. \u201cThe rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It\u2019s just stupid and we\u2019re going to tell the story to our grandkids,\u201d he said. Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. \u201cThe bottom line is they are the riskiest of assets,\u201d said McGlone. \u201cThere\u2019s massive speculation. I mean the dog coins and even in things like Solana,\u201d he added. Featured image from Bitcoin news, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":481722,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[428,83971,1119,10923,8323,1946,63405],"class_list":["post-481713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-bitcoin","tag-bloomberg-analyst","tag-btc","tag-crypto-market","tag-eth","tag-ethereum","tag-mike-mcglone"],"acf":[],"yoast_head":"\nMarket May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst<\/title>\n<meta name=\"description\" content=\"Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. 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