The Bitcoin price may still rise very high, according to Mike McGlone.
If Bitcoin (BTC) has once again reached its all-time high of $20,000, this is not the end but the beginning of its explosion to a market capitalization of $1 trillion, according to a senior Bloomberg analyst.
In a tweet on November 16, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, gave a new optimistic forecast for the largest crypto currency, which currently holds above $16,000.
Bloomberg Intelligence: BTC will continue to rise in 2021
Bitcoin fell briefly to $15,800 over the weekend and rose sharply on Monday. At the time of going to press, it reached a high of 16,400 US dollars.
“A price of $20,000 at #Bitcoin is the primary hurdle on the way to a market capitalization of $1 billion. The digital version of #Gold has a more limited offering and has added a lot of zeros in the past. It seems to be in an early stage of pricing and could easily continue its rise in 2021,” McGlone said.
“Mass acceptance is increasing.”
Bitcoin market capitalization compared to the historical price chart. Source: Mike McGlone/ Twitter
A chart on the subject states that a market capitalization of USD 1 trillion is the “next big resistance” for Bitcoin.
McGlone is known for its increasingly positive Bitcoin forecasts. As Cointelegraph reported, in September he argued that Bitcoin should actually be at $15,000 according to active addresses. This was soon to come true.
Brandt: Bull run still in the early stages
McGlone is not the only market veteran with an increasingly optimistic outlook for Bitcoin.
On Monday, trader Peter Brandt explained that the current price development based on the earlier bull runs in 2013 and 2017 is only the beginning of the cycle.
“The 2015-2017 bull market for Bitcoin $BTC saw 9 significant corrections with the following averages: 37 percent decline from high to low, 14 weeks from one all-time high to the next all-time high,” he explained.
“Since the low in early September, there have been two corrections of 10 percent.
Statistician Willy Woo also believes that the current upward trend could go much further. He refers thereby to the RSI of Bitcoin. This would make itself “straight only warm”.
Also outside of the Bitcoin range a market analyst of the Citibank prognosticated a Bitcoin course of 318,000 US Dollar until December next year.