Bitcoin Surges Above $17,000 - "Mainstream Adoption Is Rising"

Just as we saw last week, this week's vaccine news has prompted a positive response across cyrptocurrencies with Bitcoin soaring above $17,000...

Source: Bloomberg

...for the first time since Jan 2018.

Source: Bloomberg

And as CoinTelegraph's William Suberg reports, Bitcoin 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 said.

image courtesy of CoinTelegraph

In a tweet on Monday, as BTC/USD reclaimed $16,000, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, delivered a fresh bullish forecast for the largest cryptocurrency.

Bloomberg Intelligence: BTC will keep rising in 2021

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.

“$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,” McGlone wrote.

“Mainstream adoption is rising.”

Bitcoin market cap vs. price historical chart. Source: Mike McGlone/ Twitter

An accompanying chart described a $1 trillion market capitalization as the “next big resistance” for Bitcoin.

McGlone is known for his increasingly positive Bitcoin outlooks. As Cointelegraph reported, he argued in September that Bitcoin should, in fact, trade at $15,000 based on active addresses, something which soon became reality.

Brandt signals bull run still in early stages

McGlone is far from the only markets veteran doubling down on the lucrative prospects for Bitcoin in its current bull run.

On Monday, trader Peter Brandt suggested that based on previous bull runs from 2013 and 2017, the current price performance was only the start of the cycle.

“During 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,” he explained.

“Since the early Sep low there have been two 10% corrections.”

Peter Brandt’s highlighted Bitcoin bull run characteristics chart. Source: Peter Brandt/ Twitter

Statistician Willy Woo likewise believes that there is far more mileage left in the current uptrend. His argument was based on Bitcoin’s relative strength index (RSI), which he described as “just warming up.”

Beyond Bitcoin circles, a Citibank market analyst this week announced that he foresaw a $318,000 Bitcoin price by December next year.