28. November 2020

Market capitalization of US$ 1 trillion is „next great resistance“ for Bitcoin

The price of Bitcoin is at a clear high toward big gains, argues Mike McGlone while the $16,000 is quickly recovered.

The Bitcoin (BTC) reaching its historic record of $20,000 again is not the end, but the beginning of its explosion, until it becomes a $1 trillion asset, a senior Bloomberg analyst said.

In a tweet on November 16, as BTC/USD recovered $16,000, Mike McGlone, a senior commodity strategist with Bloomberg Intelligence, presented a new bullish forecast for the largest cryptomeda.
Bloomberg Intelligence: BTC to Continue Growth in 2021

Bitcoin registered lower levels over the weekend, falling briefly to US$ 15,800, before rising visibly on Monday to highs of US$ 16,400, until the time of publication of this article.

„$20,000 to #Bitcoin is the main obstacle until it reaches $1 trillion market capitalization – the digital version of #ouro, but with more limited supply and a history of adding zeros, seems to be at an early stage of price discovery and may simply continue its rise in 2021,“ McGlone wrote.

„Adoption by the mainstream is growing.“

Market value of Bitcoin vs. historical price chart. Source: Mike McGlone/ Twitter

An attached graph described a market value of $1 trillion as the „next big thing“ for Bitcoin.

McGlone is known for its increasingly positive outlook for Bitcoin. As reported by the Cointelegraph in September, he argued that Bitcoin should in fact be traded at $15,000 based on active addresses, something that soon became a reality.
Brandt signals a bullish market still in early stages

McGlone is far from being the only market veteran who is doubling the lucrative prospects for Bitcoin in its current bullish market.

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

„During the 2015-2017 Bitcoin $ BTC bullish market, there were 9 significant corrections with the following averages: 37% drop from high to low, 14 weeks from an all time record to the next,“ he explained.

„Since the low in early September, there have been two 10% corrections“.

The Bitcoin bullish market characteristics chart highlighted by Peter Brandt. Source: Peter Brandt/ Twitter

Statistician Willy Woo also believes that there is much more room for growth in the current upward trend. His argument was based on Bitcoin’s relative strength index (RSI), which he described as „just warming up“.

In addition to Bitcoin circles, a Citibank market analyst announced this week that he predicted a price of $318,000 for Bitcoin in December next year.