Bitcoin (BTC) hitting its all-time highs of $20,000 once more is just not the top, however the begin of its explosion to a $1 trillion asset, a senior Bloomberg analyst says.

In a tweet on Nov. 16, as BTC/USD reclaimed $16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, delivered a contemporary bullish forecast for the biggest cryptocurrency.

Bloomberg Intelligence: BTC will hold rising in 2021

Bitcoin noticed decrease ranges over the weekend, briefly dipping to $15,800 earlier than conspicuously rising on Monday to see highs of $16,400 at press time.

“$20,000 #Bitcoin Is Major Hurdle Towards $1 Trillion Market Cap — The digital model of #gold however with more-limited provide and a historical past of including zeros, seems to be in an early price-discovery stage and will merely proceed its ascent in 2021,” McGlone wrote.

“Mainstream adoption is rising.”

Bitcoin market cap vs. worth historic chart. Supply: Mike McGlone/ Twitter

An accompanying chart described a $1 trillion market cap because the “subsequent massive resistance” for Bitcoin.

McGlone is thought for his more and more optimistic Bitcoin outlooks. As Cointelegraph reported, in September, he argued that Bitcoin ought to in reality commerce at $15,000 based mostly on energetic addresses, one thing which quickly turned actuality.

Brandt indicators bull run nonetheless in early phases

McGlone is way from the one markets veteran doubling down on the profitable prospects for Bitcoin in its present bull run.

On Monday, dealer Peter Brandt instructed that, based mostly on earlier bull runs from 2013 and 2017, the present worth efficiency was solely the beginning of the cycle.

“In the course of the 2015-2017 bull market in Bitcoin $BTC, there have been 9 important corrections with the next averages: 37% decline from excessive to low, 14 weeks from one ATH to the subsequent ATH,” he defined.

“For the reason that early Sep low there have been two 10% corrections.”

Peter Brandt’s highlighted Bitcoin bull run traits chart. Supply: Peter Brandt/ Twitter

Statistician Willy Woo likewise believes that there’s much more mileage left within the present uptrend. His argument was based mostly on Bitcoin’s relative power index (RSI), which he described as “simply warming up.”

Past Bitcoin circles, a Citibank market analyst this week introduced that he foresaw a $318,000 Bitcoin worth by December subsequent yr.