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.”
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.
“During the 2015-2017 bull market in Bitcoin $ BTC, there were 9 significant corrections with the following averages: 37% drop from high to low, 14 weeks from one ATH to the next ATH,” he explained.
“There have been two 10% corrections since the start of the September low.”
Similarly, statistician Willy Woo believes there is much more mileage left in the current uptrend. His argument was based on Bitcoin’s Relative Strength Index (RSI), which he described as “only warming up”.
Beyond the Bitcoin circles, a Citibank market analyst announced this week that it is expecting a Bitcoin price of $ 318,000 by December next year.