Market Analysis

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

Bitcoin (BTC) hitting its all-time highs of $20,000 again is not the end, but the start 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 fresh bullish forecast for the largest cryptocurrency.

Bloomberg Intelligence: BTC will keep rising in 2021

Bitcoin saw lower levels over the weekend, briefly dipping to $15,800 before 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 historical chart. Source: Mike McGlone/ Twitter

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

McGlone is known for his increasingly positive Bitcoin outlooks. As Cointelegraph reported, in September, he argued 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, based on previous bull runs from 2013 and 2017, the current price performance was only the start of the cycle.