Crypto predictions are rising with the recent bull market that pushed Bitcoin price back above $ 50,000. Now market analyst Mike McGlone is laying out the path for Bitcoin and Ethereum to new highs, both of which he believes should rise at least 100% from their current prices. In the recent Bloomberg Index Outlook Crypto release, McGlone sees Bitcoin on its way to $ 100,000 and Ethereum at $ 5,000.
This is the result of a revived bull market that began in the second quarter of 2021. The crypto market in general is facing great success. Although Bitcoin is lagging behind as decentralized finance takes hold in the industry, the analyst believes the price will skyrocket.
Ride with the cops
Currently, the trends show that the bulls are still in complete control of the crypto market. As a result, the bears with liquidated short positions lost massively. But everything wasn’t always rosy. Like any bull market, the latest one was no different when it came to corrections. The current rally was marked by various downward corrections that have dragged prices down sharply.
The likelihood of a downward correction that would lead to the lows seen in the second quarter is currently very small. At the moment, the cryptocurrency is on the way up and there doesn’t seem to be an end in sight at the moment.
With increasing demand and acceptance, these price forecasts seem to be achievable in the not too distant future. The supply has steadily decreased as investors hoard their coins. This can be seen in the patterns of accumulation and stocks of crypto exchanges, which have fewer inflows than outflows.
Cryptocurrencies here to stay
The phrase “crypto is a bubble” is not uncommon. Over time, the market has proven to be anything but a bubble. The crypto market may be just hype and speculation, ”says McGlone. “Or it could be a monetary and financial revolution that is still in the early stages of pricing.”
The market analyst believes that Bitcoin and Ethereum will continue their upward trend in the current development as this is the path of least resistance. “Just staying on course is the more likely outcome,” added McGlone. The utility of Bitcoin as a store of value and Ethereum as a building block of a decentralized financial system make both assets so valuable.