Bitcoin 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.
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.
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.
McGlone is far from the only markets veteran doubling down on the lucrative prospects for Bitcoin in its current bull run.
"During the 2015-2017 bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages: 37% decline from high to low, 14 weeks from one ATH to the next ATH," he explained.
His argument was based on Bitcoin's relative strength index, which he described as "Just warming up."
Beyond Bitcoin circles, a Citibank market analyst this week announced that he foresaw a $318,000 Bitcoin price by December next year.
$1T market cap is 'next big resistance' for Bitcoin
Published on Nov 16, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.