$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 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

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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

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