After a couple of days testing the psychological barrier of $50,000, Bitcoin (BTC) has successfully managed to break past. At time of writing, BTC is trading at $50,350 with a market cap of $946 billion. Trends show that bulls still have complete control of the crypto market in a revived bull market.
In the most recent release of the Bloomberg Crypto Outlook, senior commodity strategist Mike McGlone lays out the path of Bitcoin and Ethereum hitting new highs that would see them both at least go up 100% from their current price points
Mike McGlone believes that Bitcoin will continue to surge further and its road to $100,000 has the least resistance.
Bitcoin’s price has appreciated more than 66% in the past 40 days and on-chain metrics show that Bitcoin’s address activity has picked up strongly over the last few weeks. Commenting on the recovery, McGlone states:
“After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply”.
McGlone further says:
“The term “crypto is a bubble” has come and gone. With the passage of time, the market has proven that it is anything but a bubble. Thus, showing that it is here to stay. The crypto market may just be hype and speculation.”
The analyst added:
“Or it could be a revolution in money and finance that’s in early price-discovery days.”
McGlone is convinced that Bitcoin and Ethereum will see its upward momentum continue, given that it’s the path of least resistance:
“Simply staying the course is the more likely outcome.”
Pointing to a decline in supply of Ethereum at exchanges and the popularity of NFTs making use of the Ethereum network, McGlone expects the recent rally in Ethereum to continue. The world’s second-largest crypto is close to breaking its all-time high of just above $4000 levels and according to the analyst, ETH price will rally another 25% to $5000.
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