Bitcoin will meet the next strong resistance once it reaches a $1 trillion market cap, says Mike McGlone of Bloomberg Intelligence
The arrival of Bitcoin (BTC) at its all-time high of $20,000 is not the end, but the beginning of the explosion into the $1 trillion asset stock, a senior Bloomberg analyst explains.
In a tweet published on 16 November, as BTC/USD regained its $16,000 level, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, presented a new bullish forecast on the main cryptocurrency.
Bloomberg Intelligence: BTC will continue to rise in 2021
Over the weekend, Bitcoin reached lower levels, dropping briefly to $15,800 before rising sharply on Monday to $16,400 at the time of writing.
„The $20,000 is the main obstacle for #Bitcoin on Profit Secret its way to a $1,000 billion market cap. The digital version of the gold, with a more limited offering and a history of parabolic rises, seems to be in an initial price discovery phase and could simply continue its climb in 2021,“ commented McGlone.
„Mainstream adoption is on the rise.“
Bitcoin’s market cap vs. historical price chart
Bitcoin market cap vs. historical price chart. Source: Mike McGlone/ Twitter
An attached chart describes the $1 trillion market cap as the „next big thing“ for Bitcoin.
McGlone is known for his increasingly positive outlook on Bitcoin. As reported by Cointelegraph, in September, he claimed that Bitcoin would reach $15,000 based on active addresses, a forecast that soon became reality.
Brandt reports that the bull run is still in its early stages
McGlone is certainly not the only market veteran betting on Bitcoin’s profitable prospectuses.
On Monday, trader Peter Brandt suggested that, based on the 2013 and 2017 bull runs, current price performance is only the beginning of the cycle.
„During the bull market in Bitcoin $BTC from 2015 to 2017, there were 9 significant corrections with the following average values: 37% drop from high to low, 14 weeks from one ATH to the next,“ he explained.
„Since the low at the beginning of September there have been two corrections of 10%.
Bitcoin chart with bull run characteristics highlighted
Bitcoin graph with bull run characteristics highlighted. Source: Peter Brandt/ Twitter
Statistics expert Willy Woo also believes that the current bullish trend still has a long way to go. His thesis is based on Bitcoin’s Relative Strength Index (RSI), which in his view „has just started to grow.
Outside of the crypto circles, a Citibank market analyst announced this week that he expects a price of $318,000 for Bitcoin by December next year.