Bitcoin has had a wild ride in the market in the current year. It was able to exceed all expectations and reach an ATH of $64,800. Once again, Bitcoin broke free from the expectations of the investors and remained in a state of plummet for three months, trading for $30K-$35K for the most part. Mike McGlone, Bloomberg analyst, has recently published a new report discussing the future predictions for Bitcoin.
The new report claims that Bitcoin is set to take the market by surprise in the second half of the current year. The report published in the Bloomberg Galaxy Crypto Index, August 2021 edition notes that Bitcoin has already started to trend for $40,000 at the beginning of the year. He further claimed that underpinnings for the bullish trends are growing to bear fruit as time passes. Since the last two weeks, Bitcoin correction has reversed, and the leading cryptocurrency price is increasing steadily.
Twelve years in the making, and Bitcoin continues to be the most dominant force in the cryptocurrency market. Top 10 altcoins have kept changing hands and ranks in the last decade. Many of the altcoins that were present in the past bull runs are completely disappeared and have been replaced in the marketplace. Even when Bitcoin was going through correction, it accounted for 45% of the total market cap share.
According to a report by McGlone, the 10% recovery of price for Bitcoin is a sign that it is taking back control and put bulls in charge of the market once again. Over the last weekend, green candles were lit across the board when Bitcoin started to reverse the correction and became more stabilized. Gold and long bonds are compared with BTC that are expected to produce an impressive return.
Bloomberg Analyst took the crown prince of the crypto market into account as well. He claimed in his report that Ethereum is going to follow in the footsteps of Bitcoin retracing the bull movement. He further added that the increase in the digital finance industry is going to make Ethereum a more relevant and highly populated network. Ethereum has been making steady progress in the market since it was first introduced.
It is the single most utilized blockchain network in the world. It is not a surprise to imagine that Ethereum has a good chance at outperforming and growing bigger in the upcoming months. The great advantage with Ethereum is that there are many important upgrades in the pipeline that are set to evolve the network and make it more valuable.