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

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

Bitcoin (BTC) hitting its all-time highs of $20,000 once more is just not 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 biggest cryptocurrency.

Bloomberg Intelligence: BTC will maintain 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 cap because the “subsequent massive resistance” for Bitcoin.

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

Brandt alerts bull run nonetheless in early phases

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 recommended that, primarily based on earlier bull runs from 2013 and 2017, the present value efficiency was solely the beginning of the cycle.