Despite the current battle between Bitcoin bulls and bears around the $ 50,000 mark – and down 8.7% in the past 24 hours – a number of analysts and commentators have pulled out their crystal balls to add to Bitcoin prices to offer a bright future.
On March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, pointed to historical data to suggest that Bitcoin is on its way to $ 100,000.
McGlone’s logic revolves around the growing discount on shares in the Grayscale Bitcoin Trust, which is on par with last year’s Black Thursday collapse. The discount relates to when stocks in the grayscale bitcoin trust are trading for less than the value of the underlying bitcoin (usually they are trading at a premium).
Looking at historical data said that
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 evidence of how nascent which is crypto. pic.twitter.com/qj6hfTvH8K
– Mike McGlone (@ mikemcglone11) March 4, 2021
Twitter user “Lee Hendricks” was not convinced and suggested that the catalyst behind the Grayscale discount could be due to pressure from upcoming ETFs and other crypto funds. (Although that’s probably bullish too.)
The Bloomberg strategist isn’t the only expert with high expectations of BTC. Influencer and YouTuber Lark Davis announced on March 4th that “we have just passed the first big price wave” and two more bigger waves will follow.
This #bitcoin Bull Run has barely started! We are just behind the first big wave of prices. Get ready for wave 2. pic.twitter.com/kRzAqlB2E8
– Lark Davis (@TheCryptoLark) March 4, 2021
On March 2, technical analyst Kaleo released a graph predicting that BTC will hit $ 100,000 in early April this year.
It is a continuation of his Bitcoin Halving Reward Era Price analysis table two years ago, which predicted the price will hit $ 200,000 in mid-2021. He tweeted two weeks ago that he still believes in it:
“It’s by far the most accurate, long-term chart prediction I’ve ever seen for Bitcoin … $ BTC will hit more than $ 200,000 this cycle.”
Another analyst, known by the Twitter name MasterChangz, told his 10,000 followers he believed Bitcoin will hit the $ 200,000 mark before mid-2021, possibly early April. The next spike, he said, is $ 77,000 over the next two weeks.
Ok, this bull fractal is getting insanely accurate by the day.
I’m literally doing Bank of Trading, it’s like a cheat sheet.
$ 77,000 next. # BTC pic.twitter.com/JJS4Huu6ri
– (@MasterChangz) March 4, 2021
Other predictions are even bolder as Kraken CEO Jesse Powell stated in a Bloomberg television interview on March 4 that the cryptocurrency could reach $ 1 million or even “infinite” and that it will eventually become the world currency.
“We can only speculate, but when you measure it in dollars you have to think that it will be infinite,” he said. “The true believers will tell you that it will go to the moon, to Mars and eventually it will be the currency of the world.”
Kraken growth leader Dan Held reiterated that prediction on March 5, claiming on Twitter that:
“Bitcoin is more likely to hit $ 1,000,000 than $ 0.”
Even in the past, Bitcoin skeptics have turned into cryptoconverters, and investment firm CEO George Ball, Sanders Morris Harris, admitted to Yahoo Finance on March 4 that he believes cryptocurrencies are now being “a small part” of a portfolio are attractive “.
“With cryptocurrencies, I think there is a fundamental shift towards Hydra that makes them attractive as part, as a small part, of almost all portfolios,” Ball said.
Despite this wave of optimism, history also suggests March could be a bloody month, with Bitcoin’s price falling an average of 5.8% over the month for six of the last nine years. The most recent of these occurred on Black Thursday last year when the price fell 50%. However, the second largest monthly candle in BTC history occurred in March 2013 when the price rose 179%.