The analyst of the Bloomberg edition was impressed by the resilience of Bitcoin and Ether against the background of the crypto market down and said that he believes in the future of top digital currencies.
Mike McGlone emphasized in an interview that cryptocurrencies, despite the not too successful 2022, are increasingly entrenched in the minds of investors. More and more commodity traders are paying attention to digital assets:
“Goods have problems with the elasticity of supply and demand. Manufacturers will always be able to create more products for less money, or hope for the stupidity of people. In cryptocurrencies, everything is different — the number of available ETH and BTC is decreasing, and their acceptance is still insignificant. When I look at this situation, I remember Netflix, it’s the best way to make money.”
McGlone believes that the Bitcoin and Ether rates are likely to grow significantly. However, assets need to overcome the resistance of the falling stock market ― the cryptocurrency market, in general, correlates with the stock market.
“I am fully confident that Bitcoin and Ether will perform better than other assets, but they will still be under pressure when the stock market falls. In fact, I was shocked by ETH ― despite all the twists and turns, it increased in price by 10%. Of course, Ether may lose this growth, but I am sure it will keep support at $ 1,000,” predicts the Bloomberg analyst.
In early November, Mike McGlone already said that he was confident in the growth of Bitcoin and Ether ― this is facilitated by the acceptance of these assets by society.