Bitcoin price – $1T market cap is ‘next big resistance’ for Bitcoin — Bloomberg analyst

Bitcoin price – $1T market cap is ‘next big resistance’ for Bitcoin — Bloomberg analyst

Bitcoin (BTC) hitting its all-time highs of $20,000 once more is just not the tip however the begin of its explosion to a $1 trillion asset, a senior Bloomberg analyst mentioned.

In a tweet on Monday, as BTC/USD reclaimed $16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, delivered a recent bullish forecast for the most important cryptocurrency.

Bloomberg Intelligence: BTC will maintain rising in 2021

Bitcoin noticed decrease ranges over the weekend, briefly dipping to $15,800 earlier than conspicuously rising on Monday to see highs of $16,400 at press time.

“$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap — The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021,” McGlone wrote.

“Mainstream adoption is rising.”

Bitcoin market cap vs. price historic chart. Supply: Mike McGlone/ Twitter

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

McGlone is understood for his more and more constructive Bitcoin outlooks. As Fintech Zoom reported, he argued in September that Bitcoin should, in fact, trade at $15,000 based on active addresses, something which soon became reality.

Brandt signals bull run still in early stages

McGlone is far from the only markets veteran doubling down on the lucrative prospects for Bitcoin in its current bull run.

On Monday, trader Peter Brandt suggested that primarily based on earlier bull runs from 2013 and 2017, the present price efficiency was solely the beginning of the cycle.