Mike McGlone said, “Cryptocurrencies are already down 80%, and you shouldn’t be too negative when something is down 80%. I believe we are in the closing phases of this crypto bear market, but it won’t be easy.
Typically, markets do not form a simple V bottom. They must make it as tough as possible, and the most important thing I’ve learned from trading in markets, particularly bear markets, is that they will cause you to lose your hair, steal money from everyone, and be unpredictable and unpleasant. That is the crucial point…
“Keep in mind that this is not a crypto winter. Except for one asset class, this is a typical winter. These are products. Commodities must decline. If they don’t, the Fed will continue to tighten monetary policy until they do, and that’s how I see it.”
“Bitcoin fell precipitously for a valid cause. I believe it has more drawbacks… Let’s begin with a positive disposition. The situation will improve with time. In the interim we are experiencing agony comparable to Internet stocks in 2000 and 2002… There, it may achieve a solid floor between $10,000 and $12,000. This is quite good support. And then finally, at some moment, it will emerge victorious and continue its upward course.”
Regarding Ethereum, he stated: “Ethereum is something I’ve been monitoring and keeping a close eye on. On Thursday, March 17th, the price of Ethereum is over $1,200, which is almost 12 times more than it was at the end of 2019, which was just before COVID struck. Consider the level around $1,000 to be a rather robust support.”