Bloomberg Analyst Announces Altcoin Preference: Rally is Coming!

Because of his solid foundations, Bloomberg strategist Mike McGlone Ethereum He thinks that (ETH) will stand out.

The analyst, who interviewed Stansberry Research, stated that the reversal may take time. Indeed, the worst of the crypto winter is probably behind us.

“Cryptocurrencies have lost 80% of their value. With so much depreciation, you don’t want more. I think we are nearing the end of the bear market but things will not be easy enough. Typically, we don’t just see a “V-shaped bottom” in the markets. If there’s one thing I’ve learned from the bear market, it’s that it’s going to be really tough.

Remember, it’s not just a crypto winter. The winter of everything except one asset class. The only surviving asset was the ‘commodity’. Until the Fed tightens enough, it will continue to raise interest rates.”

Mike McGloneHe pointed out that the Ethereum price is still 12 times higher compared to just three years ago. This detail indicates that it outperforms most asset classes. On the other hand, the current price level has a very strong support.

According to the senior analyst, increasing Ethereum adoption and decreasing supply will help the asset stand out.

“The Fed and Powell still continue to influence the markets. Tightening is likely to continue, which is bad for risky assets. However, things may change in the coming days.

Ethereum is currently $1200. Before COVID, at the end of 2019, it was $100. We can see that we have risen 12 floors. I would like to remind you that there is a very strong support around $1000. It may decline slightly below, but it will move upwards.

Ethereum adoption is on the rise, so is Bitcoin. But there is a dwindling supply in ETH. The price will rise over time.”

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

source site-6