The price of Bitcoin started a bull run that could soon reach its all-time high $ 20,000, however, that might not be the end but, on the contrary, the beginning of an explosive race. Mike McGlone, an analyst at Bloomberg Intelligence, delivered a more bullish forecast for Bitcoin.
Bitcoin may already smell $ 20,000, but will it end there?
On November 16, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, noted on Twitter that Bitcoin is on its way to a $ 1 trillion market capitalization.
Consider that McGlone’s Tweet occurred when Bitcoin rallied to $ 16,000. Right now, the leading crypto stands at $ 17,783, after experiencing 2.93% growth over the last 24 hours.
«$ 20,000 Bitcoin is the main hurdle towards $ 1 trillion market capitalization – 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 just continue his promotion in 2021, “said McGlone.
$ 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 .. pic.twitter.com/ m4JSt5G09N
– Mike McGlone (@ mikemcglone11) November 16, 2020
In addition, McGlone said that “widespread adoption is on the rise.” The chart that McGlone attached describes how Bitcoin will reach a market capitalization of $ 1 trillion between 2021 and 2022.
Parabolic race in 2021
Also, earlier in the month, Bloomberg published a report by McGlone predicting that Bitcoin could be gearing up for a parabolic race next year.
To reach this conclusion, McGlone took into consideration a number of factors that support the sharp rise in Bitcoin’s valuation, from the macroeconomy to the limited supply of crypto.
Will it be possible? At the moment everything indicates yes. In fact, today it managed to rise above $ 18,000, its highest level in three years. However, the leading crypto rejected $ 18,500.
Is it negative news? Not necessarily, experts expect institutional investors to buy in the dip and we could soon see another attempt to hold on to the previous mark.
Whatever happens to the leading crypto in the next few hours, months or years, Bitcoin will go down in history as the best refuge, even better than gold, during the appalling COVID-19 pandemic.
And in the meantime, the leading crypto shines with its potential and attracts new investors, both retail and institutional, like a magnet.
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