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

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

In a tweet on Monday, as BTC/USD reclaimed $16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, delivered a contemporary bullish forecast for the biggest 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. value historic chart. Supply: Mike McGlone/ Twitter

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

McGlone is understood for his more and more optimistic Bitcoin outlooks. As Cointelegraph 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 value efficiency was solely the beginning of the cycle.