As (BTC) continues to rally to a new 2020 high above $16,700, traders are pondering whether this is the start of a new bull market.

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, believes that the main hurdle is at the all-time high near $20,000. Once that is crossed, Bitcoin could reach a $1 trillion market capitalization. McGlone anticipates the uptrend to continue in 2021, and there are a growing number of analysts who agree with his view.