March 5, 2021 | AtoZ Markets – This week has had mixed emotions for Bitcoin. Earlier in the week we saw the crypto burst past the $50k level for the first time in over a week. However, it soon retreated and has been trading in a range of $47k-$49 towards the latter half of the week.
After a stellar February, critics believed that we were heading for another bubble, and as we set into March, a month that is historically a “blood” month and one that will not be a favourite for many bitcoin fans. 6 years out of the last 9 have seen an average drop of 5.8%. Let us not forget 2020, when the digital asset’s 30-day price volatility surged to 167.24%, the highest it had been in 6 years. Causing Bitcoin to suffer huge losses amid a widespread sell-off period. Nonetheless, analysts believe that price charts present behaviours that lead them to believe that this rally is different. The higher price predictions are flowing in from crypto advocates to former cynics alike.
At the time of writing BTC is down 5.67% over the past 24 hours and is trading at $47,422. Despite the current clash of the titans (bulls and bears) and the continuous flirtation with the $50k mark, a raft of investors and analysts have released their inner psychics and predicted a dazzling future for the crypto.
Mike McGlone, Senior Commodity Strategist for Bloomberg came to the table and indicated that historical data is suggestion that Bitcoin is making its way to $100,000. On March 4th McGlone tweeted “Greyscale 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”.
On March 2nd, technical analyst Kaleo shared his optimism as he stated that the bull run was just getting warmed up, and for people to get ready for price wave 2.
Another Bitcoin believer is none other than long-time crypto proponent, Michael Novogratz. Novogratz has stated that “Bitcoin has arrived, as big banks scramble for their piece”. In an interview with Bloomberg on Thursday he said, “The existential threat of Bitcoin is gone”.
Every big bank in America is working on a wealth management product. So, we are going to get into the Baby Boomers sooner than I thought we would,”This followed a tweet in which he cited that there was a huge paradigm shift, and more and more people are seeing the crypto as an asset class. “Adoption is outweighing the macro story”. He concluded by saying interest from institutional investors was a key reason for Gold going down and BTC going up.
Novogratz is also a firm believer that we will witness the BTC price double by the end of 2021 irrespective of the recent halt in the bull run. We may have room to believe his predictions, as back in November 2020 he predicted the current rally and stated that the price would hit $50k.
Other analysts that are hot on the crypto are also taking to Twitter to air their enthusiasm for the price hike. Even former skeptics are turning crypto, as George Ball, CEO of investment firm Sanders Morris Harris has admitted to Yahoo Finance that he considers cryptos attractive and would consider it as small part of his portfolio.
So, despite the current freeze, we are led to believe that the coming months will see new highs, and 2021 could just be the year to make your wave on the Bitcoin sphere.