Opinion: If the price of BTC cannot recover stable growth, it may trigger further declines in leading altcoins such as ETH
Bloomberg Intelligence commodity strategist Mike McGlone posted an analysis on the X platform about whether Ethereum might follow the trend of falling to $1,000 during 2020. He believes that the market should now focus on ETH's price trend because there is a clear connection between ETH and other risk asset prices in the market. If stocks in the S&P 500 index continue to be weak, ETH may further decline.
At the same time, Mike McGlone believes that if ETH returns to a level of $2,000 it could indicate direction for risk assets. However, if Bitcoin cannot recover stable price growth it may exacerbate losses for altcoins, especially leading altcoins will continue to weaken and even trigger a fall back to $1,000 for ETH later this year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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