History repeating itself have the potential to spark a 2-4X BTC price run, data covering the GBTC premium suggests.
Bitcoin (BTC) could be in for a $100,000 bull run next if a classic signal from institutions repeats its historical trend.
In a tweet on March 4, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said that those seeking clues about what lies next for Bitcoin should look at the Grayscale Bitcoin Trust (GBTC).
Negative premium "could signal march to $100,000"
As Bitcoin fell to $43,000 and continued to linger below all-time highs thereafter, the so-called “premium” on GBTC flipped negative.
This means that GBTC shares are trading below their so-called net asset price (NAV) — institutional buyers are able to buy at a discount.