Mike McGlone, a senior commodity strategist at Bloomberg, has revealed he believes bitcoin moving back to its all-time high near $20,000 is but the start of a price that will see the cryptocurrency’s market cap get to $1 trillion.
According to a tweet McGlone published at a time in which BTC has been steady above the $16,000 mark, the $20,000 is an initial hurdle as it moves towards $1 trillion in market cap, with the cryptocurrency now being in “an early price-discovery stage.”
The accompanying chart described a $1 trillion market cap as the “next big resistance” for BTC. McGlone noted that “mainstream adoption is rising,” likely referring to various bets on BTC placed by publicly traded firms like MicroStrategy, which bought $425 million worth of the cryptocurrency, and Square, which bought $50 million.
McGlone may have also pointed out mainstream adoption is rising because of PayPal and its new service letting users buy, sell, and hold cryptoassets directly on its platform. PayPal’s new service is for now available to users in the U.S. but is expected to launch in “select international markets” in H1 2021.
The senior Bloomberg analyst, it’s worth noting, is well-known for making bullish price prediction for BTC. As reported, earlier this month McGlone predicted BTC would break its previous all-time high near $20,000 in the lead to a parabolic rally next year.
It’s worth noting other analysts are also bullish on bitcoin, at a time of uncertainty in the markets that has been seeing some analyst claim the value of the U.S. dollar may drop by 20% next year. While news from Pfizer and Moderna on vaccines against the COVID-19 pandemic led to equity market rallies and saw gold’s price drop, BTC has kept on moving up.
Thomas Fitzpatrick, a senior executive at the U.S.-based financial giant Citibank, has published a report claiming the price of bitcoin could surpass $300,000 by December 2021, drawing on similarities between BTC and the 1970s gold market.
Featured image via Pixabay.