Bloomberg Intelligence analyst Mike McGlone, who correctly predicted bitcoin’s rise this year to above $ 50,000, said recent market indicators suggest $ 100,000 may be the next threshold.
McGlone wrote in a March Outlook Report that a recent drop below zero in the so-called grayscale premium – a closely watched metric in cryptocurrency markets – could signal that last week’s rapid 21% sell-off to around $ 43,000 could have reset the market for a new race. As of Thursday, prices had rebounded to around $ 50,000.
The grayscale premium refers to the difference between the price of bitcoin as implied by the cost of shares of the publicly traded Grayscale Bitcoin Trust (GBTC) and the …
Read Additional From Source
Copyright @ www.coindesk.com
- Headline: Grayscale reset could signal the start of a new Bitcoin rally, according to Bloomberg’s McGlone
- Check all news and articles from the Cryptocurrencies news information updates.