'FED hammer' will drive BTC and ETH prices further down, Bloomberg analyst says
With the merger resulting in a "buy the rumour, sell the event", Mike McGlone thinks ETH could drop to "1 $000, or even go a little lower" given how hawkish the Fed has been.
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The US Federal Reserve's inflation 'hammer' is poised to drive Bitcoin (BTC) and Ether (ETH) prices down even further, before returning to new all-time highs in 2025 , according to Bloomberg analyst Mike McGlone.
Ahead of the Fed's latest interest rate hike to be announced this week, the market is expecting a hike of at least 75 basis points, but some fear it could be as high as 100 basis points. basis, which would represent the largest rate hike in 40 years.
Speaking to the Kitco News financial press briefing on September 17, McGlone, senior commodities strategist at Bloomberg Intelligence, suggested that further market carnage is on the cards for BTC, ETH and the sector more. off crypto as Fed actions will continue to dampen investor sentiment.
“We have to look to the macro big picture and what has pressured cryptos this year and that is the hammer of the Fed.”
The price of BTC has fallen 13.4% in the past seven days to around $19,350 at the time of writing, while ETH has fallen 20.7% in this week. period to reach approximately $1,350.
The 20% drop in ETH in particular has been the subject of discussion, as the price of the asset has fallen since the highly anticipated and long-awaited merger on September 15.
With the major network upgrade essentially resulting in a "buy the rumour, sell the event", going forward, McGlone thinks ETH could drop to "$1,000 or even a bit lower " given how hawkish the Fed has been, and will continue to be this year.
“I fear [The Merge] is getting overhyped,” McGlone said, adding that ETH’s price decline is “within a broad-based macro bear market for all risk assets.”
During the interview, McGlone even went so far as to predict that the latest rate was good...
With the merger resulting in a "buy the rumour, sell the event", Mike McGlone thinks ETH could drop to "1 $000, or even go a little lower" given how hawkish the Fed has been.
New
The US Federal Reserve's inflation 'hammer' is poised to drive Bitcoin (BTC) and Ether (ETH) prices down even further, before returning to new all-time highs in 2025 , according to Bloomberg analyst Mike McGlone.
Ahead of the Fed's latest interest rate hike to be announced this week, the market is expecting a hike of at least 75 basis points, but some fear it could be as high as 100 basis points. basis, which would represent the largest rate hike in 40 years.
Speaking to the Kitco News financial press briefing on September 17, McGlone, senior commodities strategist at Bloomberg Intelligence, suggested that further market carnage is on the cards for BTC, ETH and the sector more. off crypto as Fed actions will continue to dampen investor sentiment.
“We have to look to the macro big picture and what has pressured cryptos this year and that is the hammer of the Fed.”
The price of BTC has fallen 13.4% in the past seven days to around $19,350 at the time of writing, while ETH has fallen 20.7% in this week. period to reach approximately $1,350.
The 20% drop in ETH in particular has been the subject of discussion, as the price of the asset has fallen since the highly anticipated and long-awaited merger on September 15.
With the major network upgrade essentially resulting in a "buy the rumour, sell the event", going forward, McGlone thinks ETH could drop to "$1,000 or even a bit lower " given how hawkish the Fed has been, and will continue to be this year.
“I fear [The Merge] is getting overhyped,” McGlone said, adding that ETH’s price decline is “within a broad-based macro bear market for all risk assets.”
During the interview, McGlone even went so far as to predict that the latest rate was good...
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