With the market crash that was experienced some weeks ago, which saw digital assets such as bitcoin break it’s support level and move towards a downward trend to be selling at the current price of about $16k and Ethereum which happens to be the second largest to follow suit. In an interview with the Bloomberg analyst which happens to be my favorite says that bitcoin will possibly move lower, McGlone says that bitcoin might drop by 38% from what it’s currently trading position.
In he’s words he says that even with the collapse of FTX that the bitcoin will defiantly rise again which he was relating back to internet stocks of then 2000’s and 2002’s.
“Bitcoin broke down hard for a good reason. I think it has further downside… First of all let’s start off optimistically. In the big picture, I still see the base case for Bitcoin as a nascent asset/technology. It’s going to advance over time. But in the meantime, we’re in that pain stage that’s compared to the Internet stocks around 2000, 2002.
It might reach a very good floor around $10,000 to $12,000 there. That’s very solid support. And then eventually at some point, it is going to come out ahead and resume that upward trajectory.”
Moving to Ethereum the analyst is really optimistic about the second largest crypto asset, has he says that it will see to a 100% movement which is valued at $1000.
“One thing I’ve been watching, keeping a close eye on, is Ethereum. Ethereum around $1,200 as we speak on Thursday the 17th is still up about 12x from the end of 2019, which is right before COVID hit. So let’s look at that level around $1,000 as a pretty good solid support.”
One thing that always gets to me when all this analysis are being made is that some come true the others well not, because I totally understand that the market is influenced by activities which are surrounding it.
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