Bloomberg analyst: $1 trillion market cap is Bitcoin’s “next big resistance”

Bitcoin’s (BTC) re-reaching of its all-time high of $20,000 is not the end, but the beginning of an explosive growth in its market value to $1 trillion, according to a senior Bloomberg analyst.

In a tweet on Monday, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, made his latest bullish prediction for Bitcoin as it reclaims $16,000.

Bloomberg: Bitcoin will continue to rise in 2021

Bitcoin fell to lower levels over the weekend, briefly dipping to $15,800, before making a notable move higher on Monday, reaching a high of $16,600 at press time.

“$20,000 is the main hurdle for Bitcoin to reach a $1 trillion market cap,” McGlone wrote. “Bitcoin is a digital version of gold, but with a more limited supply. It appears to be in the early stages of price discovery and could continue to rise in 2021.”

“Mainstream adoption is on the rise.”

Bitcoin market cap and price history chart. Source: Mike McGlone / Twitter

The accompanying chart describes a $1 trillion market cap as Bitcoin’s “next big resistance.”

McGlone is known for his increasingly bullish outlook on Bitcoin. As Cointelegraph reported, he claimed in September that Bitcoin should actually hit $15,000 based on active addresses, which quickly became a reality.

Brandt says bull market still in early stages

McGlone isn’t the only veteran market figure who is bullish on Bitcoin’s prospects during the current bull run.

On Monday, trader Peter Brandt said that based on the bull runs in 2013 and 2017, the current price performance is just the beginning of this bull run.

He explained: “During the 2015-2017 Bitcoin bull run, there were nine major corrections that averaged out as follows: 37% drop from high to low, and 14 weeks from one high to the next high.”

“Since the early September lows, there have been two 10% corrections.”

Peter Brandt’s Bitcoin bull market characteristics chart Source: Peter Brandt / Twitter

Statistician Willy Woo similarly believes that the current uptrend has much longer to run. He bases his argument on Bitcoin’s relative strength index (RSI), which he describes as “just heating up.”

Outside of the Bitcoin community, a market analyst at Citigroup said he expects the price of Bitcoin to reach $318,000 by December next year.