Viewpoint: If BTC price fails to resume stable growth, it may cause further decline of top Altcoin such as ETH

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According to ChainCatcher, Bloomberg Intelligence commodity strategist Mike McGlone analyzed on X platform whether Ethereum is likely to drop to the $1,000 level as it did in 2020. He believes the market should focus on ETH price trends, as there is a clear connection between ETH and other risk assets in the market. If stocks in the S&P 500 continue to weaken, ETH may further decline.

At the same time, Mike McGlone suggests that ETH returning to the $2,000 level could indicate the direction for risk assets. However, if Bitcoin fails to restore stable price growth, it may exacerbate losses for Altcoins, especially top Altcoins, which will continue to weaken and potentially cause ETH to fall back to $1,000 later this year.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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