Despite the current battle between Bitcoin Bulls and Bears over US $50,000 prices and price adjustments over the past 24 hours,
a host of crypto analysts and commentators are giving their opinions on the future of Bitcoin.
On March 4, Bloomberg senior strategic analyst Mike McGlone pointed to historical data suggesting that Bitcoin is on its way to $ 100,000.
Technical analyst Kaleo released a chart on March 2 predicting that Bitcoin will dose $100,000 in early April this year, which is
pretty optimistic if you ask him.
This is a continuation of his chart "Bitcoin Halving Reward Era Price" from two years ago, which predicts that the price will be
$200,000 around the middle of 2021.
Other predictions are even bolder, with Kraken CEO Jesse Powell saying the cryptocurrency could reach $1 million or even “infinity”
in a television interview with Bloomberg on March 4, adding that it would eventually become a world currency.
Even former Bitcoin skeptics are becoming crypto enthusiasts, for example, Sanders Morris investment firm CEO Harris George Ball
admitted to Yahoo Finance on March 4 that he believes cryptocurrencies are now “attractive” as a “small part” of any portfolio.
Despite this wave of optimism, history also suggests that March could be a “red” month, and the price of Bitcoin has fallen during
this month in six of the last nine years by an average of 5.8%. The latest of these happened last year on Black Thursday when the
price fell by 50%. However, the second largest monthly growth in the history of Bitcoin also occurred in March 2013, when the price
rose by 179%.
While we feel that some of these analysts are overly bullish, it should be stressed that it is important to pay attention
to the moves of the US Federal Reserve (FED) as stock and cryptocurrency markets appear to be extremely sensitive to their policies.
