When BTC will hit $100 000 and ETH $6000. Bloomberg's analyst prediction

Mike McGlone argues that crypto winter may last longer than previous market declines

20.09.2022 - 13:55

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The material is not an investment recommendation and is published for informational purposes only.

What’s new? Bloomberg's senior commodity analyst Mike McGlone believes that the “macroeconomic global winter” could last up to three years. At the same time, he expects the cryptocurrency industry to become stronger than ever in the next few years, and by 2025, bitcoin will hit the $100 000 mark and Ethereum the $6000 mark. McGlone said this in an interview with Kitco News.

Kitco News interview

What else did the analyst say? McGlone believes that, like the dot-com bubble in the early 2000s, the current crypto winter will wipe out some projects. Nevertheless, significant projects will survive the turbulence and play an important role in the future of finance, the strategist concluded.

McGlone also touched on the Merge, which resulted in the Ethereum network switching from the Proof-Of-Work (PoW) consensus algorithm to Proof-Of-Stake (PoS). The analyst believes that the transition has received too much publicity, which could negatively affect the coin's valuation in the short term. At the same time, McGlone said that Ethereum's environmental focus will lead to mass institutional adoption, which will boost network development in the coming years.

Earlier, crypto analyst Justin Bennett warned that Ethereum's exchange rate could collapse by almost 45%. According to the expert, the coin is now testing the “neckline” within the “head and shoulders” pattern. If the asset does not hold at this level, we should expect a rate of $800.

As of September 20, 13:35 UTC, ETH is trading at $1340, having gained 1,58% in a day, according to the crypto exchange Binance.

The value of 1 BTC is $19 255, up 2,96%.

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