Bloomberg Analyst’s Forecast: Bitcoin Struggles, Ethereum Shows Promise

Senior Macro Strategist at Bloomberg Intelligence, Mike McGlone, closely monitors the movements of cryptocurrencies. In his recent market forecasts, he had hinted at a drop in Bitcoin’s price. Although the plunge wasn’t as drastic as expected, we’ve seen Bitcoin being pushed to the levels of $25,000, partly due to the SEC’s influence. But which altcoin is he optimistic about? Bloomberg Analyst on Ethereum In his latest market evaluation, McGlone speaks of rising demand and diminishing supply for Ethereum (ETH), marking these as indicators of an upward trend for the smart contract platform. However, the strategist points out that ongoing Federal Reserve interest rate hikes and weakening technicals for financial markets could limit the price movement of ETH. Demand and adoption seem to be increasing against a decreasing supply for Ethereum (ETH), which looks positive for its price. However, a negative Fed and technical ground in early June could limit the […] The post Bloomberg Analyst’s Forecast: Bitcoin Struggles, Ethereum Shows Promise appeared first on COINTURK NEWS.