From crypto advocates to ex-skeptics, experts are outdoing themselves to predict ever higher prices for Bitcoin.
Despite the current battle between Bitcoin bulls and bears around the $ 50,000 price mark, and an 8.7% pullback in the past 24 hours, several analysts and commentators have pulled out their crystal balls to tilt a bright future. . for Bitcoin prices.
On March 4, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone pointed to historical data to suggest that Bitcoin is on its way to $ 100,000.
McGlone’s logic revolves around increasing the discount for Grayscale Bitcoin Trust shares, which is at the same level as last year’s Black Thursday slide. The discount refers to when the shares of the Grayscale Bitcoin Trust trade for less than the value of the underlying Bitcoin (normally they trade at a premium).
The grayscale discounting catalyst could be the result of pressure from upcoming ETFs and other crypto funds. (Although that’s arguably optimistic, too.)
Bloomberg strategist isn’t the only expert with high expectations for BTC, with influencer and YouTuber Lark Davis declaring on March 4 that we just passed the first major price wave with two bigger waves to come.
On March 2, technical analyst Kaleo published a chart predicting that BTC will hit $ 100,000 in early April this year.
It’s a follow-up to his Bitcoin Halving Reward Era Price analysis chart from two years ago that predicts the price would hit $ 200,000 by mid-2021. Two weeks ago he tweeted that he still has faith in i
It is by far the most accurate long-term chart prediction I have seen for Bitcoin … $ BTC will hit $ 200K + in this cycle.
Another analyst calling himself MasterChangz on Twitter told his 10,000 followers that he believes Bitcoin will hit the $ 200,000 mark even before mid-2021, possibly early April. The next increase, he said, is $ 77,000 for the next two weeks.
Other predictions are even bolder: Kraken CEO Jesse Powell claimed that the cryptocurrency could hit $ 1 million or even infinity in a Bloomberg TV interview on March 4, adding that it will eventually become the world currency.
We can only speculate, but when you measure it in dollars, you have to think it goes to infinity, he said. 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’s chief growth officer Dan Held echoed this prediction on March 5, stating on Twitter that:
Bitcoin is more likely to hit $ 1,000,000 than $ 0.
Even Bitcoin skeptics of the past are trading cryptocurrencies with investment firm Sanders Morris Harris, CEO George Ball admitted to Yahoo Finance on March 4 that he believes cryptocurrencies are now attractive as a small part of anything. thing. bag.
With cryptocurrencies, I think there is a fundamental change at the head of the hydra that makes them attractive as part, a small part, of almost any portfolio,
Despite this wave of optimism, history also suggests that March could be a bloody month, with the price of Bitcoin falling during the month in six of the last nine years by an average of 5.8%. The most recent of these occurred last year on Black Thursday when the price plummeted by 50%. That being said, the second-largest monthly candle in BTC history occurred in March 2013, when the price soared 179%.