Bloomberg Chief Analyst Says Bitcoin Could “March To $100,000” From Here

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:13 pm

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin is currently struggling to reclaim $50,000, but one chief Bloomberg analyst says that the cryptocurrency could be ready to “march” toward $100,000 per coin in the near term.

Here’s the data the senior commodity strategist says backs up the theory for the “nascent” cryptocurrency’s price doubling in short order.

Bitcoin Building Foundation At $50,000, According To Bloomberg Analyst

Bitcoin has only in the last several months become adopted by institutions as a financial asset of interest, despite the cryptocurrency’s incredible historical ROI.

During those months, however, the price per coin has increased by more than two times over compared the the asset’s entire lifetime before then. In a year’s time alone, Bitcoin has risen from $4,000 per coin to more than $50,000 from the technology’s potential suddenly coming into light.

Using “history as a guide” Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone says that the “nascent” technology is on track to begin its march toward a price of $100,000 per BTC – or more than double from the market price trading currently.

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 looks to a growing discount in the Grayscale Bitcoin Trust premium, which hasn’t been this low since a year ago around the Black Thursday collapse. In days, Bitcoin lost as much as 70% of its value as the stock market tanked and the world learned of the pandemic.

That event was the catalyst that launched Bitcoin into the finance industry spotlight. Data provided by the analyst backs up the claim, however, the cryptocurrency community is quick to point out that the discount in the GBTC premium could be due to greater competition in the market from ETFs, and other crypto funds.

Look how far the "nascent" cryptocurrency has grown in a year | Source: BTCUSD on TradingView.com

March Toward $100,000? Or Will A Bloody March Get In The Way?

Granted a lot has changed in a year. Specifically, Bitcoin is now in an uptrend versus the sideways action from 2019 and early 2020, and each correction has built a base from which the next leg up took place from.

According to the data and McGlone’s take on the discounted premium, another foundation is being laid for Bitcoin to rocket from. Where the “nascent” cryptocurrency goes next, is a march toward $100,000 per BTC.

Related Reading | Why March Is The Bloodiest Month In BTC History

The only thing that could trip up the trending cryptocurrency is if – as McGlone says – we use history as a guide, which suggests that the March monthly candle is more than likely to close red.

Throughout the history of Bitcoin, March is the bloodiest month on record. If the historic trend breaks, the cryptocurrency could instead march along toward $100,000 as McGlone speculates.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.