Bloomberg Intelligence stock strategist Mike McGlone noted that the transition of Ethereum to PoS will have a revolutionary impact not only on cryptocurrencies, but on the entire financial system.
Mike McGlone, Senior Commodity Analyst at Bloomberg Research, said in an interview that Bitcoin and Ethereum would benefit from any activity in the cryptocurrency market. In his opinion, after the launch of The Merge update, a bullish trend will begin on the crypto market.
“The Ethereum merger is coming and there is a potential risk for blockchain and cryptocurrencies, but it will revolutionize the financial world,” McGlone said.
A Bloomberg Intelligence strategist believes that current market conditions are critical indicators of rising prices for Bitcoin and Ethereum. He explained that the decline to the lows lays the foundation for a possible rally in cryptocurrencies.
“I expect bitcoin, ethereum and the market as a whole to grow. I think that cryptocurrencies from the top ten will show growth. A drop to the lows builds a foundation from which the digital asset market will bounce off,” McGlone said.
He noted that despite the “bearish” trend in the market, bitcoin continues to attract institutional investors – this is evidenced by the cooperation of the investment giant Fidelity with other companies to launch a cryptocurrency platform.
McGlone noted that Bitcoin is trying to keep its price above the $20,000 level, and this is a good signal, indicating strong support. He noted that at previous lows, Bitcoin traded at around $3,000, so the current bearish trend is much better.
However, the CEO of the FTX exchange, Sam Bankman-Fried, warned of potential inevitable losses for the crypto industry ahead of the transition of Ethereum to PoS.
