$1T market cap is ‘subsequent large resistance’ for Bitcoin — Bloomberg analyst

Bitcoin (BTC) hitting its all-time highs of $20,000 once more isn’t the tip, however the begin of its explosion to a $1 trillion asset, a senior Bloomberg analyst says.

In a tweet on Nov. 16, 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 preserve 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 Major Hurdle Towards $1 Trillion Market Cap — The digital model of #gold however with more-limited provide and a historical past of including zeros, seems to be in an early price-discovery stage and will merely proceed its ascent in 2021,” McGlone wrote.

“Mainstream adoption is rising.”

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

An accompanying chart described a $1 trillion market cap because the “subsequent large resistance” for Bitcoin.

McGlone is understood for his more and more optimistic Bitcoin outlooks. As Cointelegraph reported, in September, he argued that Bitcoin ought to the truth is commerce at $15,000 primarily based on lively addresses, one thing which quickly grew to become actuality.

Brandt indicators bull run nonetheless in early levels

McGlone is way from the one markets veteran doubling down on the profitable prospects for Bitcoin in its present bull run.

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