{"id":112988,"date":"2020-11-16T17:00:00","date_gmt":"2020-11-16T14:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst\/"},"modified":"2020-11-16T17:00:00","modified_gmt":"2020-11-16T14:00:00","slug":"1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst\/","title":{"rendered":"# $1T market cap is \u2018next big resistance\u2019 for Bitcoin \u2014 Bloomberg analyst"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40f33c356cf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40f33c356cf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst\/#Bloomberg_Intelligence_BTC_will_keep_rising_in_2021\" >Bloomberg Intelligence: BTC will keep rising in 2021<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst\/#Brandt_signals_bull_run_still_in_early_stages\" >Brandt signals bull run still in early stages<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># $1T market cap is \u2018next big resistance\u2019 for Bitcoin \u2014 Bloomberg analyst <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) hitting its all-time highs of $20,000 again is not the end, but the start of its explosion to a $1 trillion asset, a senior Bloomberg analyst says. <\/p>\n<p>In a tweet on Nov. 16, as BTC\/USD reclaimed $16,000, <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1328310689123983365\">Mike McGlone<\/a>, senior commodity strategist at Bloomberg Intelligence, delivered a fresh bullish forecast for the largest cryptocurrency.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bloomberg_Intelligence_BTC_will_keep_rising_in_2021\"><\/span>Bloomberg Intelligence: BTC will keep rising in 2021<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin saw lower levels over the weekend, briefly dipping to $15,800 before conspicuously rising on Monday to see highs of $16,400 at press time.<\/p>\n<p>\u201c$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap &#8212; The digital version of #gold but with more-limited supply and a history of adding zeros, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be in an early price-discovery stage and may simply continue its ascent in 2021,\u201d McGlone wrote. <\/p>\n<blockquote><p>\u201cMainstream adoption is rising.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/4e29f3f8-d28b-48af-a86c-22c0d12d8618.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin market cap vs. price historical chart. Source: Mike McGlone\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>An accompanying chart described a $1 trillion market cap as the \u201cnext big resistance\u201d for Bitcoin. <\/p>\n<p>McGlone is known for his increasingly positive Bitcoin outlooks. As Cointelegraph reported, in September, he argued that Bitcoin should in fact trade at $15,000 based on active addresses, something which soon became reality. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Brandt_signals_bull_run_still_in_early_stages\"><\/span>Brandt signals bull run still in early stages<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>McGlone is far from the only markets veteran doubling down on the lucrative prospects for Bitcoin in its current bull run. <\/p>\n<p>On Monday, trader <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1328153581460008961\">Peter Brandt<\/a> suggested that, based on previous bull runs from 2013 and 2017, the current price performance was only the start of the cycle.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>\u201cDuring the 2015-2017 bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages: 37% decline from high to low, 14 weeks from one ATH to the next ATH,\u201d he explained. <\/p>\n<blockquote><p>\u201cSince the early Sep low there have been two 10% corrections.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/0f0feac2-c4eb-4145-baf6-2f7831e5ed04.png\"><figcaption style=\"text-align: center;\"><em>Peter Brandt\u2019s highlighted Bitcoin bull run characteristics chart. Source: Peter Brandt\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Statistician Willy Woo likewise believes that there is far more mileage left in the current uptrend. His argument was based on Bitcoin\u2019s relative strength index (RSI), which he described as \u201cjust warming up.\u201d<\/p>\n<p>Beyond Bitcoin circles, a Citibank market analyst this week announced that he foresaw a $318,000 Bitcoin price by December next year.\u00a0<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# $1T market cap is \u2018next big resistance\u2019 for Bitcoin \u2014 Bloomberg analyst &#8221; Bitcoin (BTC) hitting its all-time highs of $20,000 again is not the end, but the start 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,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":112989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/6babdbfa-5e9c-4e5f-b60b-7d920fa59d52.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-112988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=112988"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/112988\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/112989"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=112988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=112988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=112988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}