By Hidayat Sultanli
On Dec 07, 2020
Long-time Bloomberg strategist Mike McGlone says that Bitcoin’s big rally could continue next year, and the leading crypto could break $ 50,000 in 2021.
Recently, Bloomberg has published the December issue of “Crypto Outlook,” written by Mike McGlone. He is a senior commodity strategist of Bloomberg Intelligence. In the report, which also includes predictions for 2021, it was stated that Bitcoin is moving towards the $ 50,000 level. The support line for the leading cryptocurrency is expected to be $ 10,000.
“Bitcoin will maintain its propensity to advance in price into 2021, in our view, with macroeconomic, technical, and demand vs. supply indicators supportive of $50,000 target resistance, implying about a $1 trillion market cap. The $10,000 mark has shifted to a critical support level after serving as the crypto’s resistance mark since 2017.”
The year 2020 was very successful in terms of bitcoin adoption. Leading cryptocurrency has gained a lot of attention from both institutional firms and investors. According to analyst, the year 2021 could be even more positive in terms of Bitcoin adoption. In retrospect, 2020 will most likely be seen as the year of development for Bitcoin adoption, McGlone said. According to the report, there will be bull markets in BTC. The number of Bitcoin holders will increase significantly compared to this year.
The Bloomberg strategist pointed out that the March fall may have solidified Bitcoin’s foundation. Now, the currency is much stronger than in 2017. Leading cryptocurrency is on pace to reach $50,000 in 2021. The fall in supply, the sharp rise in demand, and the widespread adoption could trigger the increase even more. According to the report, if the first quarter of 2017 is to be taken as a guide, Bitcoin can move in the range of $ 19,000 to 20,000 for a few months.
The price of the highest cryptocurrency by market cap has more than doubled in the past three months. It broke ATH a few days ago and reached $ 19,920. According to CoinMarketCap data, currently the leading crypto is trading around $18,902. Claiming that it is only a matter of time before Bitcoin reaches a market value of $ 1 trillion, McGlone described the nearly $ 700 level as a “half resistance level” for Ethereum. The second cryptocurrency by market cap is currently moving around $ 585.
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