Next stop for BTC? $1 Trillion Market Cap...

LeoFinance
8 days ago
2 Min Read
328 Words

Bitcoin isn't likely to see much resistance around current levels...

Given that bitcoin has only traded above the current price for a handful of days throughout bitcoin's entire history, there isn't a ton of resistance around here.

Specifically there isn't a ton of "memory" around current levels.

We have the all time high close coming up and we have the all time high price, which are basically the only two major price resistance levels remaining on the chart.

That being said, the most likely next resistance levels will be psychological resistance levels.

Things like big round numbers...

For example, $20k or $25k might be a psychological resistance level given that they are big round numbers.

Bloomberg tends to agree with this line of thinking...

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(Source: https://cointelegraph.com/news/1t-market-cap-is-next-big-resistance-for-bitcoin-bloomberg-analyst)

Bloomberg says next major resistance likely to be around $1 Trillion

Bloomberg put out a piece this morning indicating that $1 trillion may be the next major resistance point for bitcoin.

Their rational can be seen on the chart above.

The neat thing is that not only did they give a price projection, well market cap projection, but they also gave a time frame of when that might happen.

Based on the chart above, Bloomberg sees bitcoin hitting $1 trillion in early Q3 of 2021.

For those wondering about the price target, that would equate to a little under $54k.

That means Bloomberg is roughly calling for a $54k BTC price target by early Q3 of next year.

That is quite a bit lower than many of the other price targets out there, but I don't think many here would be too upset if that is all we get out of BTC during this cycle.

Also of note, that wasn't necessarily where they think it will top, but instead where they think it could encounter significant psychological resistance.

Personally, I think we are going to get up near $100k. :)

Stay informed my friends.

-Doc

Posted Using LeoFinance Beta