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Contents<\/p>\n
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- Bitcoin\u2019s steepest discount<\/a><\/li>\n
- Still early?<\/a><\/li>\n<\/ul>\n<\/div>\n
Mike McGlone<\/a>, senior commodity strategist at Bloomberg Intelligence, believes that Ethereum may take the mantle away from Bitcoin and start influencing other altcoins with its price moves, Barron\u2019s reports<\/a>.<\/p>\n
The prominent analyst believes that the performance of the broader cryptocurrency market will largely depend on whether or not Ether will manage to break above the $2,000 resistance level.<\/p>\n
McGlone is convinced that the $1,000 support should be more enduring than the aforementioned resistance level.<\/p>\n
As reported by U.Today<\/a>, Ethereum reached its highest level against Bitcoin this year ahead of the much-awaited merge upgrade.<\/p>\n
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While McGlone expects the second-largest cryptocurrency to encounter some bumps in the road, he is certain that it is still on its way to revolutionizing finance.<\/p>\n
Bitcoin\u2019s steepest discount<\/h2>\n
The Bloomberg analyst has recently noted that Bitcoin is currently trading at its \u201csteepest\u201d discount<\/a> to its 100-week moving average. The largest cryptocurrency behaved in a similar near previous cycle bottoms. Hence, McGlone believes that Bitcoin is trading at a discount within an \u201celongated bull market.\u201d Earlier today, the price of the cryptocurrency dropped to its lowest level<\/a> since early July. \u00a0<\/p>\n
Still early?<\/h2>\n
Back in January, McGlone said that both Bitcoin and Ethereum were in their\u00a0early adoption days<\/a>. Last October, he predicted<\/a> that the price of the flagship altcoin was likely to hit the $5,000 level.<\/p>\n
Bitcoin and Ethereum are still down 72.71% and 67.68% from their record peaks, respectively.<\/p>\n<\/div>\n
- Still early?<\/a><\/li>\n<\/ul>\n<\/div>\n