Bitcoin is currently struggling to reclaim $50,000, but one chief Bloomberg analyst says that the cryptocurrency could be ready to “march” toward $100,000 per coin in the near term.
Here’s the data the senior commodity strategist says backs up the theory for the “nascent” cryptocurrency’s price doubling in short order.
Bitcoin Building Foundation At $50,000, According To Bloomberg Analyst
Bitcoin has only in the last several months become adopted by institutions as a financial asset of interest, despite the cryptocurrency’s incredible historical ROI.
During those months, however, the price per coin has increased by more than two times over compared the the asset’s entire lifetime before then. In a year’s time alone, Bitcoin has risen from $4,000 per coin to more than $50,000 from the technology’s potential suddenly coming into light.
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Using “history as a guide” Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone says that the “nascent” technology is on track to begin its march toward a price of $100,000 per BTC – or more than double from the market price trading currently.
Grayscale #Bitcoin Trust Discount May Signal March to $100,000 – Bitcoin’s end of February price disparities on U.S. regulated exchanges portend a firming price foundation, if history is a guide, and are evidence of just how nascent the crypto is. pic.twitter.com/qj6hfTvH8K
— Mike McGlone (@mikemcglone11) March 4, 2021
McGlone looks to a growing discount in the Grayscale Bitcoin Trust premium, which hasn’t been this low since a year ago around the Black Thursday collapse. In days, Bitcoin lost as much as 70% of its value as the stock market tanked and the world learned of the pandemic.
That event was the catalyst that launched Bitcoin into the finance industry spotlight. Data provided by the analyst backs up the claim, however, the cryptocurrency…