As Bitcoin (BTC) continues to rally to a new 2020 high above $16,700, traders are pondering whether this is the start of a new bull market.
Mike McGlone, senior commodities strategist at Bloomberg Intelligence, believes that the main hurdle is at the all-time high near $20,000. Once that is crossed, Bitcoin could reach a $1 trillion market capitalization. McGlone anticipates the uptrend to continue in 2021, and there are a growing number of analysts who agree with his view.
Veteran trader Peter Brandt also believes that if previous bull runs are considered, Bitcoin is in the early stages of its next bull cycle.
Daily cryptocurrency market performance. Source: Coin360
In another bullish projection, Citibank managing director Tom Fitzpatrick believes that Bitcoin could rally to $318,000 by December 2021. Fitzpatrick arrived at this forecast by considering the previous bull markets in Bitcoin.
Every bull phase witnesses considerable corrections on the way up, and these provide opportunities for traders to sell