Bloomberg Intelligence analyst Mike McGlone says some leading cryptocurrencies will outperform other commodity assets by the end of the year. McGlone talks about Bitcoin, Solana and Ethereum.
Mike McGlone: Bitcoin, SOL and ETH will continue to rise
In a new interview on the Scott Melker podcast, McGlone said that the leading cryptocurrency Bitcoin (BTC), top smart contract platform Ethereum (ETH), and ETH rival Solana (SOL) will continue the uptrend as the US stock market drops further. He says a more dramatic correction in the stock market will force the Federal Reserve to change its setting on monetary tightening, which will then trigger bull runs in risky assets like cryptocurrencies. The expert uses the following expressions:
I currently see cryptos basically as a pawn in the wave of decline. The Fed will continue to chatter until the stock market. Then the stock market will drop so much that the US Federal Reserve will pause. That’s when I think we’ll see what happens anyway. I don’t know about Bitcoin, Ethereum and others, maybe Solana, they will continue their performance trend and they’ve already done a good job.
What is the bottom indicator for cryptocurrencies?
Accurately predicting the $6,000, $12,000, and $50,000 levels in the price of the leading cryptocurrency BTC, McGlone said he believes the Federal funds futures rate can act as a “bottom indicator.” for the crypto market. The analyst said there could be a shift in sentiment when investors are extremely cautious in Fed fund futures. Analyst says:
My main theme is if you want a good bottom for Bitcoin (BTC) and cryptos, you can look into Fed fund futures… that’s what the market expects the Fed to do a year from now. Currently, it is priced at 3 percent or more, and its true rate is 1 percent, and as this forward expectation begins to bottom out, I think Bitcoin will bottom out.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.