Bloomberg analyst predicts significant growth for bitcoin and ethereum

Bloomberg analyst Mike McGlone said he believes in the future of major cryptocurrencies. According to the expert, despite the not-so-successful year of 2022, bitcoin and ethereum are becoming increasingly popular among investors.

McGlone is convinced that the value of BTC and ETH will increase significantly this year. However, the tokens need to overcome the resistance of the falling stock market, as the cryptocurrency market correlates with the stock market. «I am fully confident that bitcoin and ethereum will perform better than other assets, but they will still be under pressure from the stock market decline. I was surprised by the resilience of ETH — despite all the vicissitudes, ethereum has grown in value,» the Bloomberg analyst shared his point of view.

As McGlone emphasized, the price of ETH $3,369.05 Ethereum -2.23% Market capitalization $404.94 billion VOL. 24 hours $0.61 billion has increased twelvefold over the past three years, outpacing other altcoins. Ethereum’s developers have ensured its promising future by making a historic transition from proof-of-work (PoW) to proof-of-stake (PoS). Back in early December, an analyst said that The Merge would reduce the negative impact of mining on the environment, reduce the rate of ETH issuance, thereby increasing its value.

As for BTC $60,983.00 Bitcoin -2.78% Market capitalization $1.2 trillion VOL. 24 hours $1.38 billion , at the end of 2022, McGlone predicted that bitcoin would fall in the short term. The analyst was convinced that the BTC could still drop to $ 10,000 to $ 12,000, but after that, bitcoin would resume its upward trajectory. McGlone is still confident in this.