Mike McGlone: Bitcoin Will Face Its Next Big Resistance

Mike McGlone said that after reaching $20,000, Bitcoin will be on its way to $1 billion in capitalization.

The price of Bitcoin started a bullish race that could soon reach its historical high of USD 20,000, however, that could 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 stops beating around the bush and goes above $17,000. There’s no stopping him, is there?

Bitcoin can already smell the $20,000, but will it end there?

On November 16, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, noted on Twitter that Bitcoin is on its way to a $1 trillion market cap.

Keep in mind that McGlone’s tweet came when Bitcoin rebounded to $16,000. Right now, the leading crypto is at $17,783, after experiencing a 2.93% growth during the last 24 hours.

„$20,000 Bitcoin is the main obstacle to the $1 trillion market capitalization – the digital version of gold, but with a more limited supply and a history of adding zeros, it seems to be in an early stage of price discovery and may simply continue its ascent in 2021,“ McGlone said.

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. In the graph that McGlone attached, he describes how Bitcoin will reach a market capitalization of USD 1 trillion between 2021 and 2022.

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Parabolic race in 2021

Also, earlier this month, Bloomberg published a report by McGlone predicting that Bitcoin could be preparing for a parabolic race next year.

To reach this conclusion, McGlone took into consideration a number of factors that support the strong increase in Bitcoin’s valuation, from macroeconomics to the limited supply of crypto.

Will it be possible? At the moment, everything indicates that it is. In fact, today it managed to increase above USD 18,000, its highest level in three years. However, the leading crypto has rejected the USD 18,500.

Is this negative news? Not necessarily, experts expect that institutional investors will buy in the fall 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 vicious COVID-19 pandemic.

And, in the meantime, leading crypto is shining because of its potential and attracting new investors, both retail and institutional, like a magnet.