Bitcoin to $100K, Ethereum to $6K: Bloomberg Analyst

Bloomberg’s commodity strategist Mike McGlone reveals his optimistic beliefs that Bitcoin (BTC) could still hit $100,000k and ETH $6,000k by 2025.
The fed is using old data to attack the economy with a sledgehammer, the latest rate hike could cause a crash across assets, he says.

Speaking with financial news outlet Kitco News, Bloomberg’s Mike McGlone discussed the latest in the crypto market. He is optimistic about the price of assets, saying they will grow massively in a few years. McGlone is a commodity strategist for Bloomberg Intelligence, a research platform that provides context on industries and companies.

“The crypto winter could last longer compared to other market declines,” he said during the Kitco interview. The main reason for the winter storm is the Fed attacking the economy with a “sledgehammer”. Mike expects that over the next few years the prices of ETH and BTC will ascend to $6,000 and $100,000 respectively.

The price of ETH might drop to $1,000 or even a bit lower than that if the Feds continue digging holes in the economy.

The price of BTC has dropped by 13.4% over the past seven days and sits roughly at $19,350 at the time of writing. Ethereum has nosedived by 20.7% and is currently at $1,350.

The fed interest rate hike is expected to be announced in the course of the week. The market expects a minimum of 75 basis points increase while some fear that it could be as high as 100 basis points. This would be the highest rate hike ever recorded.

“The fed is solving supply chain issues by crushing demand and in my view unleashing deflation” Ark Invest CEO Cathie Wood tweeted.

Mike McGlone: Ethereum Merge Overhyped

The long-anticipated Ethereum shift from Proof-of-Work to Proof-of-Stake was a massive topic in the crypto space. The price of Ethereum tumbled in contrast to expectations.

Other analysts and investors share the same amount of pessimism as McGlone. The commodity analyst says that the Ethereum merge was overhyped and overpublicized. Moving forward, he thinks that the token’s publicity will negatively affect its evaluation in the short term.

I think the big picture about Ethereum is it’s revolutionizing finance like futures and ETFs, but right now we get through this Merge, and now we have to worry about potential bumps in the road, which we all know happens with this kind of technology

Market Analysts View on the Rate Hikes

Billionaire Barry Sternlicht thinks that the Fed needs to slow down. With the outsized interest rate hikes, the Feds will send the economy into recession, and people will lose their jobs not to mention the wanting price that cryptocurrencies hold.

Sternlicht isn’t the only one thinking that if the FED rate hikes up continuously, it will bring grief to asset prices. Billionaire hedge fund manager Ray Dalio said a recession is likely as the Fed is on course to raise the rates above 40%. Dalio said that both a recession and a 20% stock market crash are likely if the Fed continues to hike rates.