Bitcoin

A market cap of $ 1 trillion is the “next big drag” for Bitcoin

For the price of Bitcoin (BTC) to return to its all-time high of $ 20,000, this is not the end, but the beginning of its explosion to a $ 1 trillion asset.says a senior Bloomberg analyst.

In a tweet on Nov. 16 when the BTC / USD pair got $ 16,000 back, Mike McGlone, Senior strategist of Were from Bloomberg Intelligence delivered a new bullish forecast for the cryptocurrency with the highest market capitalization.

Bloomberg Intelligence: BTC will continue to rise in 2021

Bitcoin saw lower levels over the weekend, briefly falling to $ 15,800 before rising sharply on Monday to peak at $ 16,400 at press time.

A market cap of $ 1 trillion is the “next big drag” for Bitcoin
A market cap of $ 1 trillion is the “next big drag” for Bitcoin

“$ 20,000 is the main hurdle to market capitalization of $ 1 trillion for #Bitcoin – the digital version of #gold, but with limited supply and a history of adding zeros, it appears to be early in pricing and it can just continue on its rise through 2021, ”wrote McGlone.

“Widespread acceptance is increasing.”

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

An attached graphic describes a market cap of $ 1 trillion as the “next major drag” for Bitcoin.

McGlone is known for its increasingly positive Bitcoin outlook. As Cointelegraph reported in September, Bitcoin argued that Bitcoin should actually be trading at $ 15,000 based on active addresses, which soon became a reality.

Brandt notes that the bull run is still in its early stages

McGlone is by no means the only veteran of the markets betting on Bitcoin’s lucrative prospects in its current uptrend.

Monday, the dealer Peter Brandt He suggested that based on the previous bullish rallies of 2013 and 2017, current price behavior is 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% decline from peaks to lows, 14 weeks from one all-time high to the next all-time high,” he said.

“Two 10% corrections have been made since the low in early September.”

Peter Brandt’s Bitcoin Rally Bullish Feature Chart. Source: Peter Brandt / Twitter

The statistician Willy Woo also believes that there are many more kilometers left in the current upward trend. His argument was based on Bitcoin’s Relative Strength Index (RSI), which he described as “just warming up”.

Beyond the Bitcoin circles, a Citibank market analyst announced this week that it is forecasting a Bitcoin price of $ 318,000 for December next year.

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