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Bloomberg Analyst Points To Two Key Metrics As A Sign That Bitcoin Is Currently Undervalued

Emily Mason

Summary: Bloomberg crypto analyst Mike McGlone believes that Bitcoin is massively undervalued due to recent all-time high hash rates combined with the 30-day average of active Bitcoin addresses. McGlone outlined the significance of these metrics in Bloomberg's crypto newsletter. He believes that the high number of Bitcoin active addresses is a strong indicator of adoption suggesting ...

Bloomberg crypto analyst Mike McGlone believes that Bitcoin is massively undervalued due to recent all-time high hash rates combined with the 30-day average of active Bitcoin addresses.

McGlone outlined the significance of these metrics in Bloomberg's crypto newsletter. He believes that the high number of Bitcoin active addresses is a strong indicator of adoption suggesting that the asset's price should be closer to $15,000 when measured on an autoscale basis since 2017. 

McGlone is confident that Bitcoin's price will continue to appreciate as long as these two metrics continue to increase. At the time of writing Bitcoin is trading hands at $10,299 and is down 1.86%.

By Emily Mason

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