End of Crypto Winter Is Near, ETH To Thrive Most, Says Bloomberg Analyst
- Posted on December 6, 2022
- News
- By Mark Otto
- 151 Views
The crypto market crash has kept many investors and experts in a skeptical state of mind. This resulted from liquidity crashes and inflation that became more pressurizing in 2022. As a result, several digital tokens, including BTC and ETH, have consistently seen price drops from their all-time highs.
Investors who ventured into the crypto ecosystem in late 2021 are presently underwater, considering the massive price crash. In the meantime, they can only hope things get better sooner than later.
End of Crypto Crisis Draws Near
Meanwhile, certain crypto analysts are revealing their notions on the probable outcome of the crypto market shortly. A good example here is Mike McGlone, a Commodity Strategist at Bloomberg.
He stated that while the market reversal might take some time, the worst state of the crash draws near. From his analysis, Ethereum will lead in the next bull run of the crypto market. He tied his reasons to the fact that ETH has rigid rudiments concerning smart contracts.
In the Stansberry Research interview, McGlone cited that Ethereum still has a bright side for investors to consider. That is, the token’s current value compared to its value three years back.
He revealed that Ethereum currently trades at a price 12 times higher than what it was in 2019. Moreover, the present price level of the token is somewhat close to a strong support level.
However, he added so many digital tokens don’t project such hope to investors. He also visions the token as having high demand and a reduced supply on the crypto market.
McGlone’s Thoughts On ETH Market
According to McGlone, crypto investors and companies will recover from this dilemma in no distant time. They can still be positive regardless of the Fed chairperson’s intentions for further tightening. Although such decisions will negatively impact the market, keeping a positive mindset is better.
He encourages digital currency investors and companies to watch Ethereum’s price. Currently, Ethereum trades at $1,269. However, before the breakout of the global pandemic, toward the close of 2019, ETH was trading at approximately $100.
Also, a strong support level holds around the $1,000 price. McGlone believes the price may drop slightly below this level. Nevertheless, he expects a significant surge in the token price shortly after that.
Furthermore, investors can cling to the fact that Bitcoin and Ethereum have definite supplies. This fact keeps the tokens in high demand and growing adoption, which can open up many positive possibilities.
As per the case of commodities, crypto companies and investors can only hope for a helpful change, McGlone concluded.
Featured Image From Pixabay, Charts From Tradingview.comSource: Bitcoinist.com
