Senior commodity strategist Mike McGlone, who knows $10,000, $12,000, and $50,000 in Bitcoin, shared that he expects a correction with a pullback in the crypto market. Meme coins like Dogecoin (DOGE) or Shiba Inu (SHIB) speculation McGlone, who claims that he is the one, does not hesitate to add Solana to the list.
Senior analyst excludes BTC and ETH
In a new interview with The Wolf of all street host, Scott Melker, McGlone says cryptocurrencies are risky assets, but Bitcoin (BTC) and Ethereum (ETH) may come out stronger when the market improves. McGlone thinks that the leading crypto has now moved from an “appetizing” asset to a “risky” asset:
My guess: Markets are pulling back. We finally saw a 10%, maybe 20% correction in the stock market. All correlations are one and that’s how it usually works. Bitcoin is becoming the better option. Potentially Ethereum too.
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SHIB and SOL can crash hard
Despite the bullish outlook for BTC and ETH, McGlone warns that the rise of dog-themed cryptocurrencies and even Solana (SOL) is not fair. Meme coins, especially Dogecoin (DOGE) and Shiba Inu (SHIB), exploded last year with media mentions of Elon Musk and other celebrities. The senior analyst thinks the risk stems from this:
As a result, they are the riskiest of assets. There is great speculation. Dog-themed cryptos and even altcoin projects like Solana. We have to admit, the speculation you saw on meme coins last year was indicative of that. It’s just silly and we’ll tell the story to our grandchildren.
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