Since the beginning of 2020, Bitcoin (BTC) has managed to be in the spotlight fighting off against all the odds and emerging as the victor. Despite being pronounced as a dead digital currency on several occasions, Bitcoin (BTC) has continued to prove any negative criticism made against it wrong.
Since the start of 2021, Bitcoin (BTC) has continued experiencing huge rallies and has also continued with all-time highs. On January 10, 2021, when BTC experienced its all-time high for the year of 2021, it saw its price take a dip. The price of Bitcoin (BTC) fell all the way down to $30k per BTC from $41k per BTC.
After that, the next all-time high hit by Bitcoin (BTC) for the year 2021 was on January 22, 2021, which was around $57.4k per BTC. Since then, Bitcoin (BTC) prices have taken yet another plunge and are currently fluctuating between $47k per BTC and $49k per BTC.
Although there are many investors who have started liquidating their assets in BTC following the recent price-drop, the sentiments around the price and bullish run of the asset are still higher than the bullish.
The majority of the investors are still supporting the bullish run and nature of Bitcoin (BTC). The investors are of the view that Bitcoin (BTC) will manage to achieve all-new heights in the cryptocurrency sector. There are many who are now hoping that Bitcoin (BTC) will manage to achieve an all-time high of $100k per BTC very soon.
One of the senior commodity strategists at Bloomberg, Mike McGlone made a tweet around the bullish run of Bitcoin (BTC) on March 4, 2021. He stated that due to the current price situation that Bitcoin (BTC) is facing, many are still in doubt about the price of Bitcoin (BTC).
Many are eager to know exactly what the future of Bitcoin (BTC) holds for itself and are eager to get a hint as to what lies ahead for them. McGlone has stated that people who are eager to get a hint on the future price of Bitcoin (BTC) must pay close attention to the Bitcoin (BTC) trust that is currently managed by Grayscale (GBTC).
According to analysis, the premium on Grayscale Bitcoin Trust flipped negative because of the price drop and fluctuation of Bitcoin (BTC). Ever since the end of February, the prices of Bitcoin (BTC) are fluctuating below the $50k per BTC mark and this is what has triggered the negative premium.
As a result of the negative premium, the shares on the Grayscale Bitcoin Trust are trading at a lower net asset price (NAV). This means that the institutional buyers are at an advantage and can carry on buying Bitcoin (BTC) at a discounted price.
As per the analysts, if this process continues to take place, then Bitcoin (BTC) would see its prices surge all the way up to $100,000 by the end of March 2021.