During the recent downturn that rocked the market, Bitcoin and Ethereum led the market. There is no doubt that these two digital assets are market movers in their own right, and as such, either an uptrend or a downtrend begins with them. That has raised concerns among investors, who believe the market will eventually enter an elongated bear market. Not everyone is convinced, however, as some believe the current downtrend is only temporary.
Mike McGlone on Bitcoin and Ethereum
Mike McGlone is one of the leading Bloomberg analysts. Focusing on financial markets, he writes a newsletter that shares his views on a variety of markets, including stocks and cryptocurrencies. McGlone is currently one of the most bullish on the market, despite the various dips in the market. Especially on the top digital assets of the crypto market.
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McGlone in The Wolf of Wall Street podcast Some interesting thoughts on the market were shared, making analysts overall bullish on Bitcoin and Ethereum.
BTC down to $38K | Source: BTCUSD on TradingView.com
Analysts point to a correlation with the stock market. He explained that this is preparing for a pullback, and when that happens, Bitcoin and Ethereum will benefit from this correction.
“Here’s my prediction: The market pulls back,” Mike McGlone said. “We finally got a 10% or even 20% pullback in the stock market. All correlations are one and that’s how it usually works. Bitcoin is doing better. Ethereum, it’s possible.”
However, this pullback is only reflected in the first two cryptocurrencies that McGlone expects to recover after this.
Other cryptocurrencies may underperform
When it comes to other cryptocurrencies, analysts have taken a more bearish stance on them. The positivity shown in the podcast for top coins Bitcoin and Ethereum has not translated into the rest of the market, which he does not expect to perform well despite the pullback.
McGlone is particularly focused on Dogecoin, which is arguably the winner of 2021. Bloomberg analysts have called the craze for the valuations of various meme tokens soaring into the billions of dollars as “stupid.”
“The rest of the space, we have to admit, the speculation you saw in Dogecoin last year shows that. It’s stupid and we’re going to tell this story to our grandkids,” he said.
Even for a digital asset as successful as Solana, McGlone doesn’t seem excited. He confuses SOL with Dogecoin, which he says is the riskiest asset. “Most importantly, they are the riskiest assets,” McGlone said. “There’s been a ton of speculation. I mean Dogecoin, or even something like Solana,” he added.
Featured image from Bitcoin news, chart from TradingView.com