Bloomberg senior commodity strategist Mike McGlone says he’s long-term bullish on Bitcoin (BTC) and Ethereum (ETH) as he notes both crypto assets are still in their “early adoption” days.
In a tweet, McGlone says that the top two crypto assets by market cap are flashing signs of long-term health.
“Bitcoin and Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications. Our bias is why complicate it – unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time.”
McGlone also argues that Bitcoin could be forming a bottom around $30,000.
“What ends Bitcoin, Ethereum range trade? Bullish Fundamentals – by the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages.”
Bitcoin is trading at $38,469.56 at time of writing, up more than 3.8% in the past 24 hours and 5.75% in the past week. BTC remains down nearly 19% from where it was priced one month ago.
As for Ethereum, McGlone says ETH’s fundamentals remain strong as the leading smart contract platform closes in on a crucial buy area.
“Ethereum nearing lower end of $2,000-$4,000 range – rising demand vs. declining supply apply, with related upward price inferences. Bullish fundamentals are intact and technical guidance has been straightforward – buyers benefiting around $2,000 and sellers at about $4,000.”
Ethereum is trading at $2,724.77 at time of writing, up nearly 7% in the past 24 hours and nearly 13% from where it was priced a week ago. The second-largest crypto asset by market cap remains down more than 27% on the month.
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Featured Image: Shutterstock/Tithi Luadthong