Bloomberg Analyst – Bitcoin’s Next Big Resistance Could be $1 Trillion November 17, 2020 November 17, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsNovember 17, 2020 by Kelly Cromley

Bloomberg Analyst – Bitcoin’s Next Big Resistance Could be $1 Trillion

According to a senior analyst at Bloomberg, Bitcoin (BTC) reaching all-time peak of $20,000 will be only the beginning of a big rally towards becoming a $1 trillion asset.

Through a tweet, as BTC/USD rebounded above $16,000, Mike McGlone, a commodity analyst at Bloomberg Intelligence, has issued a fresh price forecast for the largest crypto by marketcap.

McGlone wrote.

During weekend, Bitcoin declined to $15,800 before rebounding to around $16,750 at the time of writing this article.

He further opined as follows:

“$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. Mainstream adoption is rising.”

A chart provided with McGlone’s write-up forecasts $1 trillion market cap as the “next big resistance” for Bitcoin. McGlone is an avid Bitcoin advocate. Back in September, he stated that Bitcoin should be trading at $15,000 based on the number of active wallet addresses. His forecast turned into a reality soon.

Yesterday, trader Peter Brandt stated that based on earlier bull runs between 2013 and 2017, the current price trend is only the beginning of a new cycle.
He detailed:

“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, Since the early Sep low there have been two 10% corrections.”

Similarly, Statistician Willy Woo trusts that there is much more uptrend left in the rally that began recently. To support his argument, he highlighted Bitcoin’s relative strength index (RSI) and commented that it is “just warming up.”

Outside crypto community, an analyst at CitiFX, a division of Citibank, had forecast a price of $318,000 for Bitcoin by December 2021.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.