Bloomberg Intelligence’s chief commodities strategist Mike McGlone believes Bitcoin should be valued at $15,000. He arrived at this conclusion by examining the growth in active addresses since 2017, according to Cointelegraph.
“Bitcoin’s hash rate continues to rise and recently updated its historical maximum. The number of active addresses is also rising. The key metric illustrating adoption—the 30-day moving average of active addresses—corresponds to a price nearer to $15,000 when measured on the basis of a 2017-based auto-scaling,” McGlone said.
McGlone remains optimistic about Bitcoin’s prospects. He sees Bitcoin as leading the “paradigm shift toward digital money and a store of value” and allows for a small probability of alternative scenarios.
“On our chart, you can see the dynamics of on-chain activity — hash rate and active addresses. They should not reverse to support a rise in Bitcoin’s price,” the analyst concluded.
In late June, McGlone forecast a jump in the price of the first cryptocurrency to the $13,000 resistance level. Not long before, he said it would inevitably break through $20,000 by year-end.
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