Bitcoin (CRYPTO: BTC) could also be headed for the $100,000 mark by the top of this month, based on Mike McGlone, a Bloomberg analyst.
What Occurred: McGlone, who beforehand ascribed a $50,000 plus degree for the cryptocurrency, stated in a March outlook report that if the Grayscale Bitcoin Belief (OTC: GBTC) closing at its steepest low cost ever is an indicator, then it might “sign [Bitcoin’s] march to $100,000.”
The Greyscale premium, a metric watched carefully, ended February with a 2.7% low cost. McGlone pointed to March 2017, when BTC backed as much as practically $1,000 on the way in which to its peak close to $20,000 in December of that 12 months.
“Sharp reductions within the GBTC premium have usually marked bottoms in Bitcoin,” wrote McGlone.
“The rising likelihood of [exchange-traded] funds within the U.S., on the again of launches in Canada are including stress to the belief worth,