The crypto industry has almost recovered since its crackdown in May, and now the rise of the mainstream cryptocurrency is astounding. It’s been a bullish period over the past couple of months having a green chart.
For the September edition of Bloomberg Crypto Outlook, a strategist, Mike McGlone has shared his views on Bitcoin and Ethereum’s price. He mentioned that the price prediction for BTC and ETH is thriving towards a bullish trend.
Significantly, Ethereum and Bitcoin are reaching closely to $5,000 and $100,000 respectively. When compared to gold or other financial assets, BTC and ETH are growing to a greater extent. Moreover, he also added:
“Crypto-assets appear to be in a renewed and revitalized bull market, with the 2H benefit of a significant discount from previous highs at the beginning.”
The analysts have explained the cause for Ethereum’s price surge, stating that the supply of ETH has shrunk which has led to increased demand. Keeping this as the primary factor, he highlights that ETH has gained interest from the investors.
Bulls Are In Control
McGlone clarified, “The 52-week rate of change for the first year is down to below 4% in terms of the number of new ethereum coins vs. the total exempt”. He said that ‘in the wake of the protocol change in the new etheric supply that started to burn coins in early August.’
Additionally, in Bloomberg Intelligence he shared that Bitcoin’s price chart rising towards $100,000 is possible. He went on to say that “post-halving years have seen the greatest appreciation, and 4x in 2021 would be quite calm for the No. 1 crypto, compared to 55x in 2013 and 15x in 2017.”
However, the analyst has affirmed that the price charts have crossed a heavy level, as a result, crypto-assets are destined to rise. In addition, he stated that “bulls are in control” along with his expectations for the future price predictions. In fact, we believe that the crypto-market will now resume its upward trend rather than falling to lows.