Bitcoin is currently struggling to reclaim $ 50,000, but a chief analyst at Bloomberg says the cryptocurrency may be ready to “march” to $ 100,000 per coin in the near future.
Here is the data that, according to the senior commodity strategist, supports the theory for the short-term doubling of the price of the “nascent” cryptocurrency.
The Bitcoin Building Foundation is valued at $ 50,000, according to Bloomberg Analyst
Bitcoin, despite the incredible historical ROI of the cryptocurrency, has only recently been embraced by institutions as a financial asset of interest.
However, during these months, the price per coin has increased more than twice over the life of the asset. In one year alone, Bitcoin has grown from $ 4,000 per coin to over $ 50,000 as the technology’s potential suddenly emerges.
Related reading | Coinbase Bitcoin Outflows Are Strongest Bullish Signal “Ever”
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, says “emerging” technology is on track to begin its march toward a price of $ 100,000 per BTC – or more than double current market price trades.
Grayscale #Bitcoin Trust Discount May signals March at $ 100,000 – Bitcoin’s price differences in late February on U.S. regulated exchanges suggest a firming price base if history is a guide and is evidence of how nascent which is crypto. pic.twitter.com/qj6hfTvH8K
– Mike McGlone (@ mikemcglone11) March 4, 2021
McGlone expects a growing discount on the Grayscale Bitcoin Trust premium, which hasn’t been this low since the year before the Black Thursday collapse. In a matter of days, Bitcoin lost up to 70% of its value as the exchange rebounded and the world learned of the pandemic.
This event was the catalyst that put Bitcoin in the spotlight in the financial industry. The data provided by the analyst supports the claim. However, the cryptocurrency community is quick to point out that the discount on the GBTC premium could be due to increased competition in the market from ETFs and other crypto funds.
See how far the “nascent” cryptocurrency has grown in a year Source: BTCUSD on TradingView.com
March toward $ 100,000? Or will a bloody march stand in the way?
Admittedly, a lot has changed in one year. In particular, Bitcoin is now in an uptrend from the sideways movement of 2019 and early 2020, and each correction has created a base from which to move on to the next leg.
According to the data and McGlone’s takeover of the discounted premium, another cornerstone will be laid for Bitcoin to fire from. Where the “nascent” cryptocurrency goes next is a march toward $ 100,000 per BTC.
Related reading | Why March is the bloodiest month in BTC history
The only thing that could trigger the trending cryptocurrency is if – as McGlone says – we use history as a guide, which suggests that the monthly March candle is most likely to close red.
In the entire history of Bitcoin, March is the bloodiest month on record. If the historical trend breaks, the cryptocurrency could instead march towards $ 100,000, McGlone speculates.
Featured image from deposit photos, charts from TradingView.com
