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