In the most recent market downturns, Ethereum and Bitcoin have been the leaders. Both these digital assets have been market leaders in their respective markets and are therefore a key factor in determining uptrends as well as downtrends. Investors are now concerned that the market may be heading towards a prolonged bear market. Some believe that the downtrend in stock prices is temporary, while others disagree.
Mike McGlone on Bitcoin And Ethereum
Mike McGlone is a Bloomberg analyst. He is a leading Bloomberg analyst and writes a newsletter about the market. McGlone, despite many dips in the market’s performance, is still optimistic about the future. Let’s not forget about the most valuable digital assets on the crypto market.
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McGlone was interviewed on The Wolf of all Streets Podcast. He shared his thoughts on the market and put the analyst in a bullish position regarding bitcoins and ethereum.
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Analysts point to the relationship with the stock exchange. He explained that bitcoin, and by extension, the ethereum market, are getting ready to pullback.
“Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. The odds of it working are that all the correlations will be one. You are better off with Bitcoin. Ethereum, potentially too.”
McGlone anticipates that these two top cryptos will recover from this pullback.
Some Cryptos Might Not Do Well
The analyst was more cautious when it came to other cryptocurrency. Podcast’s positive attitude towards bitcoin top coins and ethereum didn’t translate into the rest of market, which he expects to struggle despite the pullback.
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McGlone specialized in dog coins, which McGlone argued were the biggest winners for 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst.
“The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said.
McGlone didn’t seem too excited even for Solana, a digital asset that had enjoyed a very successful year. McGlone lumped SOL with dog coins because he claimed they were the most risky assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added.
Featured Image from Bitcoin News, Chart from TradingView.com