Mike McGlone expects a bullish trend in the cryptocurrency market after the Ethereum merger

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Bloomberg Intelligence stock strategist Mike McGlone noted that Ethereum's transition to PoS will have aA revolutionary impact not only on cryptocurrencies but on the entire financial system.

Mike McGlone, senior commodities analyst at Bloomberg's research division, said in an interview that bitcoin and etherwill benefit from any activity in the cryptocurrency market.In his opinion, after the launch of The Merge update, a bullish trend will begin in the crypto market.

"The Ethereum Merge is coming, and there's a potential risk to blockchain and cryptocurrencies, but it's revolutionizingthe financial world," McGlone said.

The Bloomberg Intelligence strategist believes that current market conditions are critical indicators of bitcoin and ether price growth.He explained that the decline to the lows lays the groundwork for a possible rally in cryptocurrencies.

"I expect Bitcoin, Ether, and the market as a whole to grow.I think cryptocurrencies from the top ten will show growth.A decline to the lows builds the foundation from which the digital asset market will bounce," McGlone said.

He noted that despite the bearish trend in the market, bitcoin continues toto attract institutional investors – this is evidenced by the cooperation of the investment giant Fidelity with other companies to launch a cryptocurrency platform. 

McGlone noted that bitcoin is trying to keep its price above the $20,000 level, and this is a good signal indicating strong support.He drew attention to the fact that bitcoin was trading at around $3,000 at previous lows, so the current bearish trend is much better.

At the same time, the CEO of the FTX exchange, Sam Bankman-Fried, warned about the potential inevitable losses of the crypto industry before the transition of Ethereum to PoS.