Experienced Bloomberg analyst Mike McGlone suggested that Bitcoin is below its value and that its current price should be at least $ 15,000.
Bloomberg analyst Mike McGlone suggested that Bitcoin is largely inferior in value, and the current price should be $ 15,000.
In recent weeks, the biggest crypto money has fluctuated between 10 thousand dollars and 12 thousand 400 dollars. BTC fell sharply after some experts called the spikes “false breakouts”. The price declined from $ 11,000 to $ 10,100, with an 8 percent retreat. Admiral crypto money is currently trading at around 10 thousand 600 dollars.
McGlone, senior commodity strategist at Bloomberg, based his arguments on Bitcoin’s rising hash rates and continuing to set new records, and various other factors:
“The real price is 15 thousand dollars”
“Hash rates in Bitcoin continue to increase and set new records. The number of addresses used is also increasing. Considering the 30-day Bitcoin address average, which is a very important measure for adoption, on the basis of automatic scaling since 2017, the price should be around $ 15,000 ”
According to the latest data from Charts.Bitcoin.com, the 7-day average hash rate of Bitcoin has reached an all-time high this week, surpassing “140 exahash per second (EH / s)”. On July 28, too, the number was 127 EH / second, the record for that time.
Hashrate is a measure of the strength of computers connected to the Bitcoin blockchain, which determines the ability to generate new coins. Increasing hash power indicates that miners are optimistic about making a profit. The strong correlation between these two is an indication that the BTC price will go up. However, it is also very difficult to make a price prediction just by looking at hash rates.
According to the data obtained from Glassnode, the number of active Bitcoin addresses, which was 684 thousand, increased to 991 thousand at the beginning of the year, when the Bitcoin price was 7 thousand 700 dollars. In December 2018, when the number of active addresses was 1.1 million, the Bitcoin price was $ 14,800.
“That year this year”
McGlone remains optimistic for Bitcoin in a time of serious fluctuations, and said that this year is the time when BTC will become an important store of value as digital gold.
“I need graphics and numbers for the decline”
In his new analysis, McGlone stated that BTC may experience some declines, but that current on-chain metrics and active address count graphs need to be reversed to really expect a drop.