Analysts claim that the crypto market is approaching a new bullish rally

Analysts from Bloomberg and GlassNode argue that a new bullish rally is about to hit the crypto market, to take Bitcoin and Ethereum to new all-time highs.

Mike McGlone, an analyst and strategist at Bloomberg, maintains that the price of Bitcoin (BTC) it may grow significantly in the coming months to reach a new all-time high. For the analyst, the possibility that bitcoin reaches a value of 6 figures in the long term should not be ruled out.

McGlone posted a report titled “Bloomberg Crypto Outlook – Onward and Upward” where he exposes several of his foundations to consider that the price of the cryptocurrency market leader could fetch $100,000 or more per unit. In addition, it points out that the minimum price at which it could climb Ethereum (ETH), the second most important cryptocurrency in the crypto market, is at $5,000 per unit, after successfully overcoming the correction that began in May. Currently, the value of ETH has grown 40% in the last month driven by the arrival of the London update on the mainnet and a great demand for decentralized finance protocols (DeFi) and non-fungible tokens (NFT).

Analysts at GlassNode, one of the best-known on-chain data analysis firms in the industry, also believe that the crypto market is about to start a new bullish rally. in his last weekly report From the crypto market, GlassNode analysts stated that the current on-chain activity and price divergence reveal a powerful bullish signal for cryptocurrencies.

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Bitcoin, Ethereum and other cryptos on the rise

For Bloomberg’s McGlone, cryptocurrencies are in a renewed crypto market, which is showing great bullish signs after seeing several of its digital assets recover by more than 50% in recent months. Although McGlone believes that the growth of Ethereum, due to the high demand for DeFi, NFTs and the burning of tokens after the activation of London, has left behind the price of Bitcoin, this cryptocurrency could reach a value of 6 figures in the next few years. next months.

The path of least resistance for Bitcoin will be $100,000 per unit, the crypto analyst stated in his report.

“After overcoming a strong correction, we see that the cryptocurrency market is more likely to resume its uptrend”said McGlone, arguing that cryptocurrencies have an important role to play in the revolution in money and finance, which is still in its infancy. The Bloomberg analyst also spoke about the impressive growth of other cryptocurrencies such as Cardan (ADA)whose share price reached a new all-time high of $3.09 per unit, with a growth of 110% in the last month.

$2.4 trillion in the crypto market

To date, cryptocurrencies accumulate a total market capitalization of 2.42 trillion dollars, with Bitcoin and Ethereum dominating more than 61% of the crypto market.

Total capitalization of cryptocurrencies in the last year.
Source: CoinGecko

The cryptocurrency market has grown by 600% in the last 12 months. Since the fall in value at the end of May, which lasted until July, the crypto market has recovered by 98%. The total capitalization of cryptocurrencies hit its lowest point in the last 3 months on July 19, with a value of 1.22 billion dollars.

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