The BTC/USD pair bounced back and continues to rise on the 16th of November after going beyond $16,000. Mike McGlone, a top analyst at Bloomberg Intelligence, indicated that BTC is likely to reach a $1 trillion market capitalization if it can go beyond the $20k resistance.
Major Signals
- Crypto analysts remain bullish about Bitcoin
- Bitcoin bullish rally is organic, and price may not drop as predicted
- 20,000 USD is bitcoins next significant resistance
After Moderna's covid-19 medication proves to be 95% effective, BTC recorded a new high of the year, reaching $16,791 on Monday. The bulls were able to shake off the bears' challenge over the weekend as the Bears couldn't pull the price below $15,750.
Mike McGlone stated in September that BTC should be valued at $15,000 according to its active addresses, which played out shortly afterward. He said in his latest tweet that the $20k level is a crucial resistance for BTC to reach a market cap of $1 trillion.
He furthered that BTC, a digital form of gold, is still in the initial price discovery stage and will continue growing next year. He also stated that adoption also keeps rising.
According to reports, an executive at Citibank, an American financial institution, released a statement explaining that BTC is likely to increase to $318,000 by the end of 2021.
Are you still bullish on bitcoin? Let's discuss this in the comment section.
