Experts agree – Bitcoin’s record run is „just getting started“
Whether advocates or critics, experts currently agree that Bitcoin’s current record run is far from over.
While the bulls and the bears are currently battling over whether or not Bitcoin can establish itself above the US$50,000 mark, several experts agree that there is much Bitcoin Revolution further to go for the market-leading cryptocurrency in this record run.
For example, Mike McGlone, the senior analyst at Bloomberg Intelligence, concludes from the historical price performance that the crypto market leader could soon climb to 100,000 US dollars (see below).
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 relies on the so-called „GBTC premium“ as an indicator. This is the price difference (premium) between the price of the Grayscale crypto asset management (GBTC) bitcoin investment fund and the price of bitcoin. Usually, this difference is in the positive range, but currently the ratio shows a negative value.
In the past, it has always gone up significantly when the rare case occurs that the price difference is negative. When it was last in negative territory in March 2020, it was followed by the current record run of 3,600 to 58,300 US dollars, so this could now be a good omen.
However, Twitter user Lee Hendricks is not fully convinced by this reasoning and suggests that the price difference could also be attributed to the fact that more and more competition for Grayscale’s investment product is coming onto the market with new Bitcoin index funds (ETFs) and other Bitcoin investment funds. However, this would at least also be positive for Bitcoin.
Bloomberg analyst Glone is not the only expert who believes that Bitcoin still has a lot of room to grow in this cycle. YouTuber and influencer Lark Davis said on 4 March: „#Bitcoin’s record run is just getting started. We’re barely through phase one. Get ready for phase two.“
This #bitcoin bull run has barely even started yet! We are just now past the first major price wave. Get ready for wave 2. pic.twitter.com/kRzAqlB2E8
– Lark Davis (@TheCryptoLark) March 4, 2021
The technical analyst Kaleo posted another price chart on Twitter on 2 March, from which he deduces that BTC will climb to 100,000 US dollars at the beginning of April.
This is a continuation of a related chart that he had published two years ago
At that time, he had already given a price forecast of 200,000 US dollars for mid-2021. Two weeks ago, Kaleo confirmed that he is still sticking to this prediction:
„This is by far the most accurate long-term forecast chart I’ve seen for Bitcoin so far, $BTC will crack 200,000 before the end of this run.“
Another crypto analyst under the pseudonym MasterChangz takes the same line, showing a bit more confidence to his 10,000 followers by saying that Bitcoin will hit $200,000 before the middle of 2021. In the next two weeks, it would accordingly go to 77,000 US dollars.
In doing so, he also takes his cue from the Bitcoin price chart, pointing to a section that is confusingly similar to the current development (see below). For Changz, this is therefore a kind of „cheat sheet“ for the further price trend.