Bitcoin price predictions are either bullish or super-bullish, experts say
From crypto advocates to former sceptics, so-called experts are outdoing themselves in predicting ever higher future highs for the Bitcoin price.
Despite the current battle between BTC bulls and bears over the $50,000 mark and the Bitcoin Rush recent correction experienced in the Bitcoin price, a number of analysts and commentators have taken out their crystal balls to predict a glittering and shimmering future for the price of Bitcoin (BTC). So let’s get started and take a look at some of these promising futures.
BTC is still at the beginning of its bull cycle
On 4 March, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, pointed to historical data suggesting that the bitcoin price is on its way to $100,000.
McGlone’s logic revolves around the growing discount for shares in the Grayscale Bitcoin Trust, which is at the same level as when it collapsed on Black Thursday last year. The discount refers to when shares in the Grayscale Bitcoin Trust trade for less than the value of the underlying bitcoin (normally they trade at a premium). Looking at historical data, he tweeted that Bitcoin’s price disparity on US. regulated exchanges in late February indicated a firming in the price fundamentals. Provided history repeats itself, McGlone said, this means cryptocurrencies are just getting started.
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
The Bloomberg strategist is not the only expert with high expectations for the bitcoin price. Influencer and YouTuber Lark Davis, also known as Crypto Lark, thinks that „we’re past the first big price wave right now.“ What’s to follow are two more waves that will carry the price per BTC up a bit more each time.
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
Bitcoin price will reach $200,000 by the middle of this year
Technical analyst Kaleo tweeted a chart on 2 March predicting that the Bitcoin price will reach $100,000 as early as early April this year.
Two years ago, the analyst already boldly predicted that the Bitcoin price would reach $200,000 around mid-2021. So far, he has been remarkably accurate with his predictions. Just a fortnight ago, therefore, he tweeted that he still had confidence in this prediction he had made himself:
It’s by far the most accurate long-term chart prediction I’ve ever seen for Bitcoin… BTC will reach $200K+ this cycle.
Another analyst, who goes by the Twitter name MasterChangz, told his 10,000 followers that he believes the Bitcoin price will reach the $200,000 mark even sooner than mid-2021. According to him, this could possibly be as early as the beginning of April. The next rise, he said, is to $77,000 in the next two weeks.