Bloomberg analyst Mike McGlone predicted Dogecoin using stock market terms. He says DOGE has a high probability of falling.
Bloomberg’s Chief Commodity Analyst Mike McGlone shared several tweets about Dogecoin (DOGE).
Expressing his belief that the sixth largest cryptocurrency and Bitcoin (BTC) will be responsible for the huge amount of foam in the crypto market this year, McGlone continued his statements:
“There is a potential for large market bubble allocated by breast cryptocurrency (DOGE) and Bitcoin”
Mike McGlone tweeted that Dogecoin may have “ringed the macroeconomic bell” and revived Bitcoin. Bloomberg’s leading expert expects a large amount of market bubble in the cryptocurrency space as funds begin to flow to DOGE and Bitcoin. But McGlone refers to BTC as “basically a solid bull”.
What is market foam?
Market bubble describes a market condition in which the price of an asset begins to rise beyond its intrinsic value. Investors then begin to ignore the fundamentals and objectively raise the asset’s price much higher than its value.
“Dogecoin seems to be at higher risk of falling.”
Bloomberg commodities expert also thinks that between the two cryptocurrencies mentioned above, the risk of DOGE “turning into a nickel” is high.
The price of Dogecoin (DOGE) is in a pretty volatile state recently, with the famous billionaire (Tesla and SpaceX CEO Elon Musk) calling his favorite crypto “the people’s cryptocurrency” and once promised to bring “a real DOGE to the Moon” watching.
However, on the day Musk aired on SNL, the price of cryptocurrency was watched at $ 0.71, and after the show, DOGE dropped around 30 percent instead of rising even further, contrary to what fans had expected.
DOGE was trading at $ 0.41 according to CoinMarketCap data at the time of our news.