Grayscale reset could signal the start of a new Bitcoin rally, according to Bloomberg’s McGlone

Grayscale reset could signal the start of a new Bitcoin rally, according to Bloomberg's McGlone

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

News Highlights

  • 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.
Disclaimer: If you need to update/edit/remove this news or article then please contact our support team.
For Latest Updates Follow us on Google News
Bollyinside - US Local News & Breaking News Stories
Logo
Compare items
  • Total (0)
Compare
0