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,

Funding fundamentals

This text was first revealed on Feb. 8, 2017, and was up to date on Feb. 27, 2018, Feb. 11, 2019, Feb. 24, 2020, and March 4, 2021.

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