Bloomberg: Ethereum Price Levels May Fall Below $2,000

After the cryptocurrency market collapsed in January, some assets closed the month in the red. This includes Ethereum, the second-largest cryptocurrency by market capitalization, which went below 27% from December.

While Ethereum (ETH) has already seen positive returns in February, the potential of a price crash remains. The price of ETH might drop as low as $1,700, according to Bloomberg. Experts believe, however, that Ethereum’s bullish fundamentals will be preserved.

Ethereum May Follow Last Year’s Price Trend

Bloomberg has warned that it is pessimistic on Ethereum (ETH). Bloomberg experts anticipate that Ethereum might fall to as low as $1,700 in their latest Intelligence report. The drop, however, could be followed by an upward correction.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to Bloomberg, Ethereum (ETH) could follow in the footsteps of last year’s June to September price movement, and fall below current levels to reach the aforementioned price. The report reads:

Ethereum could repeat last summer and revisit about $1,700. Once the weaker leveraged long positions were purged, the resolution was a new high around $4,800 in November. Ethereum approaching the lower end of its range has greater risks for shorts than longs.”

Led by senior commodity strategist Mike McGlone, the analysts noted that the ETH market is in a consolidation phase near the end of a bull market. This is evidenced by the fact that the market has benefited both buyers and sellers by trading in the $2,000 to $4,000 price range.

A bear storm usually affects long positions more than short positions. However, Bloomberg notes that the impact of this bearish shift will be worse for Ethereum shorts than for bullish holdings in this situation.

Get 110 USDT Futures Bonus for FREE!

Regardless, the analysts point out that Ethereum’s optimistic fundamentals remain intact, thus a price drop below $1,700 would be bullish for the cryptocurrency overall. It may even be essential, as it was last year, to cleanse “weaker leveraged long positions.”

According to Bloomberg, the second most valuable cryptocurrency has a strong long-term outlook. It compares Ethereum’s fundamentals to those of Bitcoin, which is predicted to break through $100,000 in the near future due to dwindling supply and rising demand. The report added:

Ethereum’s fundamentals are similar, with straightforward technical guidance and buyers prevailing at about $2,000 and sellers around $4,000.” .

Ethereum and Bitcoin are projected to continue rising unless “something stops the spread of the nascent technology.” This is due to the fact that both cryptocurrencies are still considered to be in their early phases of acceptance.

Related article | Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Ethereum Price Turn Green

Currently, the price of Ethereum appears to be downplaying the issue. In the previous few days, the price of ETH has surpassed $3,000, a gain of roughly 19.7%. At the time of writing, ETH was trading at roughly $3,190, up 3.22% on the day.

Ethereum is trading in the green, along with several other altcoins, as the market recovers from last week’s losses. Ethereum has gained about 20% in the last seven days, making it the best performer among the top five Cryptocurrencies in terms of market capitalization.


ETH/USD 24-hours charts. Source: TradingView, a savings website, predicted a price of $7,609 for Ethereum later this year, but still expects it to decrease to $6,000 by the end of the year due to market competition.

Meanwhile, Vanessa Harris, Permission’s chief product officer, claims that the asset will lose a significant amount of value. By 2030, she expects Ether to be worth $100.

Her arguments are supported up by suspicions that Ethereum’s move from a Proof-of-Work to a Proof-of-Stake blockchain will not solve the problem of network congestion, which has resulted in high fee costs for network users in the past.

Ethereum is trading in the green, along with several other altcoins, as the market recovers from last week’s losses. Ethereum has gained about 20% in the last seven days, making it the greatest performer among the top five Cryptocurrencies in terms of market capitalization.

Related article | Vitalik Buterin On How To Eliminate Ethereum Network Congestion

Featured image from Deposit Photos, chart from


Tagged : / / / / /

BlockFi Filed For The Coveted Spot Bitcoin ETF With The SEC

Will BlockFi be the one? The rumors are flying, apparently, the U.S. Securities and Exchange Commission will approve a spot Bitcoin ETF soon. With that in mind, the news that crypto lending platform and investment service BlockFi just filed to get one approved was met with suspicion and excitement by the Bitcoin community. Unlike the Bitcoin Futures ETF, a spot one will require the company sponsoring it to buy a huge amount of Bitcoin. This will definitely affect the price. However… BlockFi?

Related Reading | Bitcoin Futures ETF Exceeds Expectations, Trades $1 Billion On Day One

Last year, hackers targeted BlockFi and stole sensitive user data including their clients’ activity history. To add insult to injury, the hackers used a simple SIM swap to breach their security, and the company didn’t disclose the hack until days after it happened. More recently, regulators from five states accused the controversial lending platform of violating security laws with their BlockFi Interest Account product. In a statement regarding the issue, the company said:

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“BlockFi’s BIAs have been the subject of recent activity by securities regulators in New Jersey, Texas, Alabama, Vermont and Kentucky, and we are in active dialogue with these regulators. We believe that our products and services are lawful and appropriate for crypto market participants, and we remain steadfast in our commitment to protect consumers’ rights to earn interest on their crypto assets.”

In any case, past performance doesn’t guarantee future results. And BlockFi could score big if they’re the chosen ones. The first spot Bitcoin ETF is expected to shatter all kinds of records, but let’s not get ahead of ourselves.

BTCUSD price chart for 11/09/2021 - TradingView

BTC price chart for 11/09/2021 on Oanda | Source: BTC/USD on

What Do We Know About BlockFi’s Version Of A Bitcoin ETF?

Not much, actually. The project is a joint venture with investment management firm Neuberger Berman. If approved, it will trade on the New York Stock Exchange. It will “reflect the performance of bitcoins held by the Trust, less the Trust’s expenses and other liabilities.” Yes, the registration statement actually says “bitcoins,” but let’s give them a pass for now. What else does the document reveal? Well…

Get 110 USDT Futures Bonus for FREE!

“Barring a liquidation or extraordinary circumstances, the Trust will not purchase or sell bitcoin directly, although the Trust may direct the Custodian to sell bitcoin to pay certain expenses. Instead, when the Trust sells or redeems its Shares, it will do so in “in-kind” transactions in blocks of [] Shares (a “Creation Basket”) based on the quantity of bitcoin attributable to each Share (…). Because the creation and redemption of Creation Baskets will be effected in in-kind transactions based on the quantity of bitcoin attributable to each Share, the quantity of bitcoin in Creation Baskets so created or redeemed will generally not be affected by fluctuations in the value of bitcoin.”

In any case, is not even close to guaranteed that  BlockFi will win the coveted first spot. The amount of ETF fillings regarding Bitcoin is getting ridiculous, actually.

Who’s Next On The SEC’s Bitcoin ETF List?

The list Bloomberg Intelligence’s James Seyffart provides shows 21 hopeful spot Bitcoin ETFs and even more derivatives-based ones. That includes the BlockFi Futures ETF that the company filed for last month. Here’s the list.

According to the expert, the “Next big date is still 11/14/21 for VanEck’s spot Bitcoin ETF. It will be either approval or denial from SEC — no more delays.” Will VanEck be the chosen one? We’ll have to wait and see, but Seyffart feels it won’t be. He tweeted, “We fully expect a denial based on recent comments from SEC/Gensler. Would be shocked if VanEck’s filing is approved (despite believing it *should* be approved). BUT, the denial letter should give us insight into SEC’s current views/opinions.

Related Reading | Bitcoin ETF Inflows Slow Down As Altcoins Interest Rebound

Chances are all the approved spot Bitcoin ETFs will make tons of fiat money, but the first-mover advantage in a product as anticipated as this one is worth millions of Dollars. Billions, even.

Featured Image by Chris Stermitz from Pixabay - Charts by TradingView


Tagged : / / / / / / / / / / / / / /

Bloomberg Analysts: Bitcoin Demand Supports $55,000 BTC Price and $1T Market Cap by 2022

Bloomberg crypto analysts say that history suggests it is only a matter of time before Bitcoin reaches a market cap of $1 trillion, which would bring the BTC price to $55,000 per coin, and they argue that global demand supports the cryptocurrency rising throughout next year to reach that level by 2022.

Bitcoin, BTC, Price Prediction, 2021, 2022 

According to the Bloomberg Crypto Outlook – December 2020 edition, Bitcoin will continue to advance in price into 2021 with “macroeconomic, technical and demand vs. supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap.”

The anaylsts predict that BTC’s price should be around $40,000 in 2021 followed by around $55,000 in 2022 when Bitcoin inevitably breaks the $50,000 resistance. 

The Bloomberg analysts believe that for Bitcoin, the $10,000 mark has now been flipped to become a critical support level after serving as the crypto’s resistance mark since 2017. The report argues that should the market experience another crash as occurred in March 2020, $10,000 would be Bitcoin’s floor.

Bitcoin Demand and BTC Market Maturation

The Bloomberg analysts, led by Mike McGlone on this crypto outlook, believe that 2020 will be looked back upon as key to Bitcoin’s mainstream evolution, helped along by extraordinary economic circumstances.

The Bloomberg analysts write:

“The foundation solidified in 2020 for the benchmark crypto, embraced in more global investment portfolios as holders expand beyond tech geeks and speculators, fueled by unparalleled quantitative easing, rising debt-to-GDP and declining supply.”

From December 2020, the analysts predict that the maturation of cryptocurrency investment may see Bitcoin’s price start to appreciate slower, but increasing demand will “result in more of the same” increases and that Bitcoin remains firmly in price discovery stage.

The report reads:

“Demand measures of Bitcoin and crypto assets appear to be gaining endurance for more of the same in 2021. From the Office of the Comptroller of the Currency (OCC) allowing banks to provide crypto-asset custody services to PayPal onboarding payments, clearing 2020’s volatility hurdle likely widens the path toward mainstream adoption.”

$55,000 Bitcon and $1 Trillion Market Cap

According to the Bloomberg Intelligence report, Bitcoin’s history suggests that a $1 trillion market cap by 2022 vs. about $300 billion on Nov. 13—is extremely possible. The analysts cite increasing demand, growing adoption and interest vs. Bitcoin’s increasing scarcity as a reason the BTC price will maintain its bull run in 2021 and will find resistance around the $50,000 price level.

Screenshot 2020-12-04 154922.jpg

The Bloomberg graphic depicts Bitcoin’s market-cap regression line since $10 billion in 2013 showing that the pioneer crypto is on pace for a $1 trillion market cap by about 2022. At this cap, the BTC price could soar to around $55,000 vs. the current level around $19,000 levels.

The report reads:  

“If the future rhymes with the post-halving years of 2013 and 2017, and we factor maturity of about a quarter of the 2017 advance, Bitcoin may reach $40,000 in 2021.”

As 2020 draws to a close, the analysts conclude that there seems to be little to stop Bitcoin’s upward trajectory, particularly following its correction and a period of disdain. While they predict that BTC will move sideways for a few months, the price outlook of $40,000 for 2021 implies that this bull run not stopping anytime soon.

Image source: Shutterstock


Tagged : / / / /
Bitcoin (BTC) $ 43,890.76 4.89%
Ethereum (ETH) $ 2,275.92 2.07%
Litecoin (LTC) $ 73.17 1.54%
Bitcoin Cash (BCH) $ 250.78 1.07%