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How Bitcoin And Ethereum Have Crossed The Rubicon Of Legitimazation

Reynaldo Marquez by Reynaldo Marquez
2 years ago
in Bitcoin
0
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Bitcoin and Ethereum are at an inflection point. Beyond their prices, Senior Commodity Strategist for Bloomberg Intelligence, Mike McGlone, believes digitalization of money and finance is accelerating.

Still in its early days, the top 2 cryptocurrencies by market cap seem to have already won the adoption battle, one as the main hub for decentralized finances (DeFi) and the other as a digital version of gold. McGlone writes:

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The mantra appears to be: “Adopt and embrace the advancing technology, or become the next Kodak, Sears or Blockbuster.”

With a similar price as a month ago, BTC has retaken the higher area around $50,000. At the time of writing, the cryptocurrency trades at $57,049 with a 4.9% rally in the daily chart. McGlone records a “rising tide of accumulation below the market” after BTC crashed from its all-time high at $65,000.

Bitcoin BTC BTCUSD
BTC with moderate gains in the daily chart. Source: BTCUSD Tradingview

Bitcoin’s price action is on a consolidation or pause phase at current levels. The strategist claims this could be beneficial in the long term:

We see this as a pause to refresh the paradigm-shifting process of Bitcoin becoming the world’s benchmark digital-reserve asset.

On the other hand, Bloomberg’s Galaxy Crypto Index (BGCI) has been led by Ethereum. With a 740% profit since 2020, the BGCI has entered a heated territory, but DeFi could drive further gains with its “potential to be revolutionary”.

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Bitcoin BTC BTCUSD Ethereum ETH ETHUSD
Source: Mike McGlone, Bloomberg Intelligence

Ethereum’s Price Could Follow Bitcoin 2017 Trajectory

McGlone estimates that Bitcoin’s current levels around $50,000 could be its new critical support zone, similar to $10,000 in 2020 and previous years, post-2017 bull-run. As shown in the chart below, BTC’s 10-week Bollinger’s Bands, an indicator from price fluctuations above and below its price simple moving average (SMA), suggest $48,000 is a “firm price foundation”. The strategists added:

A risk-off period in the stock market is top a potential threat for the crypto’s advancing price, but like the April dip to below $50,000, it might be a good test for the Bitcoin bull market.

Bitcoin BTC BTCUSD Ethereum ETH ETHUSD
Source: Mike McGlone, Bloomberg Intelligence

Bitcoin’s limited supply will continue to be a bullish factor. McGlone compared the cryptocurrency’s 2013, 2017, and its current rally and concluded that the price could appreciate further, but with only a fraction of the profits. This could still send BTC’s price towards the $100,000.

Ethereum’s price could follow Bitcoin’s 2017 trajectory, during that bull market BTC went from around $1,000 to $20,000. McGlone believes ETH has a “price advantage” when compared to BTC. He added the following:

Ethereum may reach $19,000 in 2021; to May 4, the No. 2 crytpo at about $3,400 is more than double Bitcoin on the same day four years ago. ETH at about 4x its 50-week moving average indicates a stretched market. The last time this level was exceeded was around Ethereum’s peak in 2018.

BTC BTCUSD Ethereum ETH ETHUSD
Source: Mike McGlone, Bloomberg Intelligence
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