A senior analyst at Bloomberg said that bitcoin (BTC), which is once again reaching a full-time job worth $ 20,000, is not the end, but the beginning of the massive increase to $ 1 trillion from $ 1 trillion.
In a tweet Monday, when BTC / USD returned $ 16,000, Mike McGlone, chief trading strategist at Bloomberg Intelligence, offered a new optimistic view of the largest cryptocurrency.
Bloomberg Intelligence: BTC will continue to grow in 2021
Bitcoin hit lows over the weekend, falling briefly to $ 15,800, then rising significantly on Monday, peaking at $ 16,400 at time of publication.
“# 20000 Bitcoin is a major hurdle to a market value of $ 1 trillion. The digital version of #gold, but with more limited access and a date of adding zeros, appears to be in the early stages of pricing and could only continue to rise in 2021. – McGlone wrote .
“Regular adoption is increasing.”
Bitcoin market value and historical price chart. Source: Mike McGlone / Twitter
The accompanying chart describes the $ 1 trillion market capitalization as the “next big resistance” for Bitcoin.
McGlone is known for its increasingly positive Bitcoin reviews. As reported by Cointelegraph in September, he argued that Bitcoin should actually trade at $ 15,000 based on active headlines, which soon became a reality.
Brandt indicates that the uptrend has not yet started
McGlone is a far cry from the only market veteran multiplying the profitable prospects of Bitcoin in its current bull run.
On Monday, trader Peter Brandt suggested that based on previous upward trails from 2013 to 2017, the current price action was just the beginning of a cycle.
He explained, “During the BTC bull market in 2015-2017, there were 9 important corrections with the following averages: a 37% drop from high to low, and 14 weeks from ATH to the next ATH.”
“Since the beginning of September, there have been two corrections of 10%.”
Peter Brandt outlined a chart of the characteristics of Bitcoin’s bullish move. Source: Peter Brandt / Twitter
Statistician Willie Wu also believes that there are a lot of miles left in the trend of the day. His argument was based on the Bitcoin Relative Strength Index (RSI), which he described as “just overheating”.
In addition to the Bitcoin circles, this week, a Citibank market analyst announced that it expects the price of Bitcoin at $ 318,000 by December of next year.