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.
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.
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.