As Bitcoin Trying To Establish A footing, Bloomberg Analyst Tweeted A Year End Target Of $100,000

Despite the current battle between Bitcoin bulls and bears around the $50,000 price mark and an 8.7% pullback over the past 24 hours a raft of analysts and commentators have got out their crystal balls to tip a glittering future for Bitcoin prices.

On Mar. 4, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone pointed to historical data to suggest that Bitcoin is on the way to $100,000.

McGlone’s logic revolves around the growing discount for shares in the Grayscale Bitcoin Trust which is at the same level as last year’s Black Thursday collapse. The discount refers to when shares in the Grayscale Bitcoin Trust trade for less than the value of the underlying Bitcoin (normally they trade at a premium).