Bitcoin Appears Ready for Q4 Price Rise As Demand for Ethereum Outpaces Supply: Bloomberg Analyst Mike McGlone

Bloomberg Intelligence’s senior commodity strategist Mike McGlone says Bitcoin (BTC) could be in for a “price rise” during the fourth quarter thanks to several fundamental catalysts.

The analyst says a wide swath of investors concerned about debt and inflation may be ready to place their faith in the underlying technology that gives Bitcoin its hard supply.

 

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Source: Mike McGlone/Twitter

In Bloomberg’s latest Crypto Outlook report, McGlone says that BTC appears to be in the middle of a discounted bull market. He cites Bitcoin’s 260-day volatility versus the S&P 500 as evidence to suggest that the top crypto has a lot further to rise before entering a new bear phase.

Source: Bloomberg

Looking at Ethereum, McGlone says the EIP-1559 update which put pressure on the ETH supply is improving the price outlook for the second-largest crypto by market cap.

McGlone says that with ETH already fending off its 20-week moving average near $2,000, the path of least resistance is now up.

The full Bloomberg report can be read here.

 

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