A senior analyst at Bloomberg said that Bitcoin (BTC) reaching its all-time high of $20,000 again is not the end, but the beginning of its explosive growth in market value to $1 trillion.
In a tweet on Monday, as Bitcoin recovered $16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, made the latest bullish forecast for Bitcoin.
Bloomberg: Bitcoin will continue to rise in 2021
Bitcoin fell to a lower level over the weekend, briefly dropping to $15,800, and then rose significantly on Monday, reaching a high of $16,600 at press time.
Magron wrote: “$20,000 is the main obstacle to Bitcoin’s $1 trillion market capitalization. Bitcoin is a digital version of gold, but its supply is more limited. It appears to be in the early stages of price discovery and may Continue to rise in 2021”.
“Mainstream adoption is rising.”
Bitcoin market capitalization and price history chart Source: Mike McGlone / Twitter
The attached chart describes the $1 trillion market capitalization as the “next huge resistance” for Bitcoin.
McGlone is known for its growing optimism about Bitcoin’s prospects. As Cointelegraph reported, he stated in September that Bitcoin should actually reach $15,000 based on active addresses, which quickly became a reality.
Brandt says the bull market is still in its early stages
In the current bull market, McGlone is not the only senior market person who is optimistic about Bitcoin’s prospects.
On Monday, trader Peter Brandt said that according to the bull market in 2013 and 2017, the current price performance is just the beginning of this bull market.
He explained: “During the 2015-2017 Bitcoin bull market, there were 9 major corrections, with an average of the following: a drop of 37% from a high to a low, and it takes 14 weeks to go from one high to the next.”
“Since the low in early September, there have been two 10% corrections.”
Peter Brandt’s Bitcoin Bull Market Characteristic Chart Source: Peter Brandt / Twitter
Statistician Willy Woo also believes that the current upward trend has a longer way to go. His argument is based on Bitcoin’s Relative Strength Index (RSI), which he describes as “just heating up.”
In addition to Bit Amber, a market analyst at Citibank said that he expects the price of Bitcoin to reach $318,000 by December next year.
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