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Bloomberg Analyst Believe $1 Trillion Market Cap Is ‘Next Big Resistance’ For Bitcoin

  • Bloomberg analyst Mike McGlone believes Bitcoin reaching its all-time highs of $20,000 again is not the end, but rather the start of its explosion to a $1 trillion asset.
  • Bitcoin saw lower levels over the weekend, briefly dipping to $15,800 before rising on Monday to see highs of $16,300. An accompanying chart described a $1 trillion market cap as the “next big resistance” for Bitcoin.
  • McGlone is known for his increasingly positive Bitcoin outlooks. In September, he argued that the leading cryptocurrency should trade at $15,000 based on active addresses, something which soon became reality.
  • Bitcoin trader Peter Brandt also suggested that, based on previous bull runs from 2013 and 2017, the current price performance was only the start of the cycle.
  • Statistician Willy Woo likewise believes there is far more mileage left in the current uptrend. His argument was based on Bitcoin’s relative strength index (RSI), which he described as “just warming up.”
  • Read the full story here.

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