Bloomberg Intelligence Senior Commodities Analyst Mike McGlone recently wrote that “cryptocurrencies could bounce back.” [an] Discussing Bitcoin and Ethereum in a report published on Bloomberg terminals on November 3, 2022, McGlone detailed that Bitcoin and Ethereum volatility had fallen to lower levels compared to traditional assets. The trend does not accumulate partial crypto exposures that “could tip the risk against them,” he said. ”
Mike McGlone believes Bitcoin and Ethereum may have hit bottom, says ‘Cryptocurrencies could regain dominance’
According to Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence: Bitcoin (BTC) When Ethereum (ETH) You may have found a bottom with regards to traditional risk investing. McGlone released his cryptocurrency market outlook on November 3, 2022, stating that Ethereum could outperform Bitcoin, although he is likely to stay within the $1,000 to $2,000 range. pointed out that there is a
Bloomberg analysts wrote: “Going mainstream is our lesson, and once the dust settles from the return of risk assets amid inflationary pressures, Ethereum will likely resume doing what it did before. Mark the bottom at $1,000? Crypto can regain its edge.”
McGlone is bullish on major crypto assets Bitcoin When ethereum For quite some time, during the first week of October, Senior Commodity Strategist claimed It states that both major cryptoassets are “better than most majors.” sharing his outlook at the end of October, I got it that Bitcoin “We are entering an inexorable phase of transition to the mainstream.”
Analysts added that major crypto assets “seem to have completed the majority of their drawdowns as the Federal Reserve focuses on other assets such as stocks to stem inflation.” Crypto assets may be nearing a bottom, he said. Compared to traditional assets, Bitcoin and Ethereum are significantly less volatile, McGlone said. Senior Commodity Strategist writes:
Bitcoin, Ethereum and Bloomberg Galaxy Crypto Index volatility have dropped to low levels compared to most other assets, potentially tipping the risk against investors who have not accumulated partial crypto exposure there is.
“Fed Sledgehammer May Be Building Precious Metal Base”
In his November commodities analysis, McGlone also said gold is likely to do well if the US Federal Reserve decides to reverse the restrictive monetary policy it has implemented over the past five months. “We think the Fed’s big blow could be laying the groundwork for precious metals,” McGlone said in his commodities outlook.
“The most aggressive Fed tightening cycle in nearly 40 years is unlikely to stop until something breaks, and a sharp decline in bond prices and most currencies against the dollar could portend an endgame approaching. Yes,” McGlone said.
What are your thoughts on Mike McGlone’s Bitcoin and Ethereum outlook and what his views on the price of gold are laying the groundwork for? Let us know what you think about the matter in the comments section below.
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