Bloomberg’s Mike McGlone believes that the largest altcoin may start guiding the broader market, replacing Bitcoin
Mike McGlone, 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’s reports.
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.
McGlone is convinced that the $1,000 support should be more enduring than the aforementioned resistance level.
As reported by U.Today, Ethereum reached its highest level against Bitcoin this year ahead of the much-awaited merge upgrade.
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.
Bitcoin’s steepest discount
The Bloomberg analyst has recently noted that Bitcoin is currently trading at its “steepest” discount 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 “elongated bull market.” Earlier today, the price of the cryptocurrency dropped to its lowest level since early July.
Bitcoin and Ethereum are still down 72.71% and 67.68% from their record peaks, respectively.