Bitcoin’s price is clearly trending toward an order of magnitude in profits, argues Mike McGlone, as it quickly recovered to the $16,000 level.
That the price of Bitcoin (BTC) is once again reaching its historic peaks of USD 20,000 is not the end, but the beginning of its explosion into a USD 1 trillion asset, says a senior analyst at Bloomberg.
In a tweet on November 16, when the BTC/USD rebounded to USD 16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, delivered a new bullish forecast for the largest capitalized crypt currency.
Bloomberg Intelligence: BTC to Continue Rising in 2021
Bitcoin saw lower levels over the weekend, dropping briefly to $15,800 before rising sharply on Monday to see peaks of $16,400 by the end of this edition.
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“USD 20,000 is the main obstacle to the USD 1 trillion market Bitcoin Method review capitalization for #Bitcoin: the digital version of #gold, but with a more limited supply and a history of adding zeros, it appears to be in an early stage of price discovery and may simply continue its ascent in 2021,” wrote McGlone.
“Widespread adoption is increasing.
Bitcoin market capitalisation vs. historical price chart. Source: Mike McGlone/ Twitter
An accompanying graph describes a market capitalization of USD 1 trillion as the “next big thing” for Bitcoin.
McGlone is known for its increasingly positive outlook for Bitcoin. As Cointelegraph reported, in September, it argued that Bitcoin should, in fact, be traded at USD 15,000 on a going concern basis, something that soon became a reality.
Citibank analyst makes Bitcoin provisional forecast of $318,000 by December 2021
Brandt notes that the bullish race is still in the early stages
McGlone is far from being the only market veteran to bet on Bitcoin’s lucrative prospects in its current upward trend.
On Monday, trader Peter Brandt suggested that, based on previous upturns in 2013 and 2017, current price behavior was only the beginning of the cycle.
“During the 2015-2017 bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages: 37% decline from peaks to troughs, 14 weeks from one historical peak to the next historical peak,” he explained.
“Since the early September low there have been two 10% corrections”.
Table of highlights of Peter Brandt’s Bitcoin bullish rally. Source: Peter Brandt/ Twitter
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Statistician Willy Woo also believes that there is much more mileage left in the current upward trend. His argument was based on Bitcoin’s Relative Strength Index (RSI), which he described as “just a warm-up”.
Beyond Bitcoin circles, a Citibank market analyst announced this week that he expected a Bitcoin price of $318,000 by December next year.