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“Ethereum on the way to $ 5,000 and $ 100,000 for Bitcoin”




In his recently published forecast report “Crypto Outlook”, Bloomberg chief analyst Mike McGlone is unimpressed by the massive corrections that the crypto market had to accept after May.

McGlone sees Bitcoin and Ethereum on the upswing, Bitcoin even on the way to becoming a reserve currency complementary to the US dollar. The forecast is clear for chief analyst Bloombergs:

“We see Ethereum heading for $ 5,000 and $ 100,000 for Bitcoin. Portfolios with a combination of gold and bonds appear increasingly bare without Bitcoin and Ethereum in the mix. “

Price trigger: demand rises faster than supply

He gives investors the clear tip to consider Bitcoin and Ethereum in their portfolios. He sees cryptocurrencies emerging stronger from the “painful corrections” in the second quarter of 2021:

“After a painful correction, we see it as more likely that the crypto market will continue on its uptrend than it will drop below its second quarter lows. What could keep Bitcoin and Ethereum from hitting new highs in the second half of the year is a difficult question to answer. Increasing demand and acceptance contrast with a shrinking supply … “

He admits that the crypto market could only be “hype and speculation”. But it could just as well be “a revolution in money and finance” “which is still in the early stages of pricing”. McGlone is committed to the latter interpretation, because as can be observed, “a strong correction” would be opposed to a still growing acceptance.

He sees another important influencing factor in the fact that cryptocurrencies can also reach those who have not yet had access to bank accounts. That would bring further growth to the financial market.




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Bloomberg sees BTC and ETH as complementary

It is no coincidence that McGlone focuses on Bitcoin and Ethereum. In view of the fact that these are the two most valuable crypto currencies, this seems obvious, but it has only to do with it in the beginning.

McGlone sees the two assets in their combination. The “first-born cryptocurrency”, ie Bitcoin, is now accepted and in demand as a store of values. Ethereum has also embarked on this path with the London upgrade, but above all, as a driver of the entire defi-sector, it plays an important role for the financial markets of the future. The most likely development is therefore that both currencies would “simply hold the course” – and thus continue to rise.

You can download the entire Crypto Outlook report from September 3, 2021 as a PDF here.

The momentum of the two currencies mentioned was weakened on Sunday. Bitcoin fluctuates around $ 50,000, ether just under $ 4,000. This means that the values ​​stagnate around zero. The loser among the top 10 is Cardano with a 24-hour loss of 2.2 percent – everyone else fluctuates between minus one and plus one percent.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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