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Bloomberg’s senior commodity strategist Mike McGlone thinks that Bitcoin (BTC) and Ethereum (ETH) are close to price bottoms and could start a new rally once the economy moves in better shape.
In the Bloomberg Intelligence October Crypto Outlook, McGlone said that BTC and ETH could be outperforming other assets, even as soon as this month:
“When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index (BGCI) to outperform most major assets.”
The analyst highlighted how October has historically been to be a bullish month for Bitcoin. He said:
“Since 2014, October has been the best month for bitcoin, averaging gains of about 20%, and in 3Q the BGCI advanced about 16% vs. 5% declines for the Nasdaq 100 and S&P 500. Ethereum’s transition to proof-of-stake may be helping it build a base above $1,000 and Bitcoin about $20,000.”
While expecting strong times ahead for the two leading cryptocurrencies, the Bloomberg report does caution for U.S. Federal Reserve rate hikes which potentially give some headwinds. Nevertheless, this does give opportunity for the benchmark crypto to “shift toward becoming a risk-off asset, like gold and U.S. Treasury, that may play out in 2H,” the Crypto Outlook concludes.