Bloomberg strategist Mike McGlone predicts a bullish run once the correction ends

• McGlone based his projection on the law of demand and supply
• He also posited that Bitcoin could be carving a bottom at $30k

The two leading cryptocurrencies, Bitcoin and Ethereum, are poised to surge if they escape the persistent range-bound trading, according to Bloomberg’s Mike McGlone. McGlone argues that the former will get out of the current market slump on ‘bullish fundamentals.’

In a tweet shared today, he forecasted that the value of the two crypto assets will potentially rocket, citing the law of demand and supply.

“What Ends #Bitcoin, #Ethereum Range Trade? Bullish Fundamentals – By the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages, “the Bloomberg commodity strategist wrote.

Towards the end of Q2 (June), the pioneer cryptocurrency saw heavy losses, with its price against the dollar sinking from $35,700 to below $29,000 in four weeks. After posting this low, the coin embarked on a steady rally notching $42,000 in another four weeks. By the end of August, Bitcoin has closed in on $50,000.

Though the market witnessed a pullback in September, the flagship crypto still marched to a November all-time high of around $69,000. McGlone predicts that Bitcoin’s bottom this time will be at $30,000, after which it will see an upside break.

Ethereum crashes toward $2,300 level

Market losses of approximately 6.50% over the past 24 hours have pushed Ether’s price below $2,330. The native coin on Ethereum is exchanging hands at $2,325.30 – down over 25% in the last 7-days. Bitcoin is also feeling the latest blow from the Federal Reserve. It has plunged by about 2.85% on the day and has lost support at $36,000 in the past hour.