Bloomberg Senior Commodity Strategist Mike McGlone recently said that the cryptocurrency market is likely to experience a deep correction along with an impending pullback in the market.
Bloomberg Strategist about BTC and ETH
In an interview with The Wolf of all street Scott Melker, McGlone said that cryptocurrencies are risky assets. Furthermore, he stated that expects BTC and ETH to fall further as they are the main assets in the market.
According to the strategist, while the pullback could be deep, BTC and ETH should come out stronger when the market recovers.
As McGlone pointed out, the leading cryptocurrency on the market is now transitioning from a “risk bound” asset to a “risk-free” asset.
“Here’s my prediction: markets pull back. We finally got a correction of 10%, maybe 20%, in the market. All correlate, which is usually the way it works. BTC comes out better for this. ETH, potentially too,” he said.
Despite his bullish outlook for BTC and ETH, McGlone warns that memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) are unlikely to rebound after the dip.
Dog-themed memecoins, particularly DOGE and SHIB, exploded last year when Elon Musk and other celebrities mentioned them in the media.
“The result is that they are the riskiest assets. There is great speculation. I mean dog coins and even things like Solana… The rest of the space, we have to admit… The speculation you saw on dog coins last year was indicative of that. It’s just stupid. Let’s tell the story to our grandchildren.”
Finally, McGlone pointed out that 2022 should not be a bullish year for cryptocurrencies. But the next year promises to be one of recovery.