Their belief seems to be that Bitcoin is destined to appreciate unless these key indicators reverse themselves.
According to the Bloomberg crypto newsletter, a key on-chain indicator suggests that Bitcoin is currently greatly undervalued.
"The Bitcoin hash rate continues to increase and recently reached new highs. Also advancing are addresses used. A top metric for adoption, the 30-day average of Bitcoin addresses is equivalent to the price closer to $15,000 when measured on an autoscale basis since 2017.".
McGlone has remained optimistic about Bitcoin throughout its ups and downs.
"Our graphic depicts primary on-chain metrics that would need to reverse for Bitcoin to not keep appreciating in price - the hash rate and active addresses."
It is true that despite the recent downward momentum, Bitcoin's on-chain fundamentals have seemingly remained strong, though there is no way of knowing when / if these indicators will lead to a price correction.
Bloomberg suggests that Bitcoin should be $15,000 according to this adoption metric
Publicado en Sep 23, 2020
by Cointele | Publicado en Coinage
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