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Bitcoin could hit a $1 trillion market Cap if it can reach $20,000

Bitcoin could hit a $1 trillion market Cap if it can reach $20,000

Quick take

1 minute read

  • Bitcoin has been experiencing some positive times over the past few weeks following the United States presidential election. 
  • The leading cryptocurrency was able to get to the $16,000 key resistance level and even surpassed the $17,000 Mark earlier in the week.

Bitcoin has been experiencing some positive times over the past few weeks following the United States presidential election. The leading cryptocurrency was able to get to the $16,000 key resistance level and even surpassed the $17,000 Mark earlier in the week.

A senior commodity strategist for Bloomberg Intelligence, Mike McGlone has recently highlighted that the leading cryptocurrency could easily reach $1 trillion market capitalisation if it is able to hit the $20,000 level in its value.

Even at the start of this week with rumours of a COVID-19 vaccine just around the corner, the king coin was able to spike in value.

Interestingly, some popular analysts have even predicted a deeper correction before reaching the all-time high as has been witnessed in previous bull runs. On-chain Twitter analyst Willy Woo noted that the price is spiking and indicated that this ongoing rally is an organic one.

“Realised Price estimates the average price the market paid for their BTC. Now at its steepest slope for this cycle, meaning capital influx into #Bitcoin is at its highest rate since the last bull market. (Higher than last year’s $4k-$14k move; the current move is more organic.)“

For more news on this and other crypto updates, keep it with CryptoDaily!

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