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Bloomberg's Mike McGlone Identifies Key Pivot Points for Bitcoin and Ethereum: Details

Fri, 04/21/2023 - 15:10
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Godfrey Benjamin
After months-long parabolic growth, Mike McGlone identifies sell walls for BTC and ETH
Bloomberg's Mike McGlone Identifies Key Pivot Points for Bitcoin and Ethereum: Details
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The current outlook in the digital currency ecosystem has drawn more commentary from industry experts, including Bloomberg Intelligence's senior commodity strategist, Mike McGlone. According to the expert, the duo of Bitcoin (BTC) and Ethereum (ETH) have hit a key resistance at crucial pivot points at $30,000 and $2,000, respectively.

“The up-and-coming 24/7 traded leading indicators, revolutionary technologies and assets -- #Bitcoin and #Ethereum -- may be running into a wall of resistance at the key round number levels of $30,000 and $2,000,” the tweet from McGlone reads.

April opened up great fortunes for BTC and ETH, branded as the two largest per market capitalization, which soared to a more than 11-month high amid growing positive ecosystem fundamentals. While the Bitcoin ecosystem did not record many updates, the Ethereum ecosystem was filled with impressive news that generally helped elevate the status and outlook of the blockchain.

The long-awaited Shapella upgrade went live earlier this month and enabled withdrawals for the millions of staked Ether coins locked since as far back as December 2020. The crucial upgrade is part of the targeted track to aid the rebranding of Ethereum as a proof-of-stake (PoS) platform. It is now a major attractive investment option for institutional and retail investors.

Bitcoin Expected to Surge Vs. Tesla, Here’s Why: Bloomberg’s Mike McGlone

Maintain positivity on BTC and ETH

While pointing out the crucial resistance level for both Bitcoin and Ethereum might be a fair notice to derivatives traders, it is by no means a vote of no confidence for both assets by the top market veteran.

In previous comments, McGlone has expressed positive sentiment toward the future performance of Bitcoin. He once predicted that Bitcoin's price is poised to continue rising.

The market veteran has become a top voice whose analytics and projections are highly anticipated by traders and analysts across the board. With the observed pivots, parties of interest can watch their trades in line with other key sentiments.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.