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Home Latest News Market $1T market cap is ‘next big resistance’ for Bitcoin — Bloomberg analyst

$1T market cap is ‘next big resistance’ for Bitcoin — Bloomberg analyst

Bitcoin's price has a strong run to the order of magnitude of earnings, Mike McGlone argues that $16,000 is easily regained.

Bitcoin (BTC) reaching its all-time highs of $20,000 again is not the end but the continuation of its $1 trillion wealth explosion, Bloomberg’s senior analyst reported. In a tweet on Monday, as BTC/USD reclaimed $16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, delivered a fresh cryptocurrency prediction.

Over the weekend, Bitcoin saw lower levels, momentarily falling to $15,800 before growing noticeably 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.
A $1 trillion market capitalization was described in an accompanying map as Bitcoin’s “next big resistance.” McGlone is famous for his highly promising prospects for Bitcoin. sAs reported in September by Cointelegraph, he argued that Bitcoin, in practice, will sell for $15,000 on an active basis, something which soon became reality.

Trader Peter Brandt, indicated on Monday that the current market success was only the beginning of the period based on recent bulls running from 2013 to 2017. “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.

Statistician Willy Woo also claims that the present upward trend has even more miles left. His statement was based on the relative strength index (RSI) of Bitcoin, which he defined as “just warming up. “A Citibank market analyst this week reported that he foresaw a $318,000 Bitcoin price by December next year.

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