Bloomberg analyst Mike McGlone is confident that Bitcoin’s market capitalization will reach $1 trillion. However, first Bitcoin’s price must overcome the main hurdle — the all-time high of $20,000 reached at the end of 2017.
$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
“$20,000 — the main obstacle for Bitcoin on the path to a $1 trillion market capitalization. The digital version of gold, but with a more limited supply and a history of adding zeros, appears to be in an early stage of pricing and may simply continue its rise in 2021. Mass adoption is growing,” the expert wrote.
According to the chart attached to the tweet, McGlone forecasts Bitcoin reaching a $1 trillion market capitalization in the second half of next year.
The aforementioned all-time high at $20,089 was set on December 17, 2017. Since then, 1,065 days have passed, the price has fallen to $3,126, and then risen by 436%.
The current Bitcoin price is just 16.46% below the all-time high. Data: Messari.
At the time of writing, the leading cryptocurrency is trading at around $16,770, with a market capitalization of $310.9 billion, according to CoinGecko.
Earlier, Mike McGlone predicted in 2021 a parabolic rise in Bitcoin, repeating the price patterns of past bull-market cycles.
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