Market cap of $ 1T is the ‘next big drag’ for Bitcoin – Bloomberg analyst


Bitcoin (BTC) hitting all-time highs of $ 20,000 again is not the end but the beginning of its explosion into a $ 1 trillion asset, according to a senior Bloomberg analyst.

In a tweet on November 16, when BTC / USD claimed $ 16,000, Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has provided a new bullish forecast for the largest cryptocurrency.

Bloomberg Intelligence: BTC will continue to rise in 2021

Bitcoin saw lower levels over the weekend, briefly dipping to $ 15,800 before climbing conspicuously on Monday to see highs of $ 16,400 at press time.

“$ 20,000 #Bitcoin is the main obstacle to $ 1 trillion in market cap – The digital version of #gold but with a more limited supply and a history of adding zeros, appears to be in an early stage of price discovery and it could simply continue its ascent into 2021, ”McGlone wrote.

“Mainstream adoption is on the rise.”

Market capitalization of Bitcoin versus the historical price chart. Source: Mike McGlone / Twitter

An accompanying chart described a $ 1 trillion market cap as the “next big resistance” for Bitcoin.

McGlone is known for his increasingly positive outlook for Bitcoin. As Cointelegraph reported in September, he argued that Bitcoin should in fact trade at $ 15,000 based on active addresses, which soon became a reality.

Brandt reports that the bull is still functioning in the early stages

McGlone is far from the only veteran of the markets who doubles the profitable prospects for Bitcoin in its current bull run.

Monday, trader Peter Brandt suggested that, based on previous bullish runs of 2013 and 2017, the current price trend was just the beginning of the cycle.