Express

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

Last Update:

Tags: ,,,
Link: Bloomberg Analyst Points To Two Key Metrics As A Sign That Bitcoin Is Currently Undervalued   [Copy]
Next:

Related Articles

  • Will Introduction of the Stablecoin Act Trigger a Financial Tsunami? 9 hours ago
  • Trump Just Opened the Floodgates: What Happens When $9 Trillion in Retirement Money Hit... 3 days ago
  • US Crypto Stash Shock: Marshals' Low BTC Count Fuels 'Secret Sale' Debate, Ignites Buyb... 4 days ago
  • Mini Altcoin Season Brewing? Old Guard's Rally Signals Potential Shift 6 days ago
  • New All-Time High for BTC: Weekly Market Outlook & Strategy 7 days ago

    • You need to login to comment.