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Bloomberg cryptocurrency analyst Mike McGlone says the Bitcoin price is greatly undervalued, suggesting that the fair BTC value price should currently be somewhere around $15,000.
The BTC price has see-sawed between $10,000 and $12,400 over the last few weeks, often tumbling sharply following what one pundit described as “fake” breakouts.
The latest rout saw Bitcoin crash more than 8% within days from over $11,000 to $10,100.
McGlone, a senior commodity strategist at Bloomberg, based his arguments on various factors, including bitcoin’s rising hashrate, which continues to hit new records, industry media report.
The Bitcoin hashrate 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.
Meanwhile, the number of active bitcoin addresses has soared to 991,000, Glassnode data shows, up from 684,000 at the beginning of this year, when the asset’s price averaged around $7,700.
When active addresses hit nearly 1.1 million on December 23, 2018, bitcoin traded for $14,800, on the average.
McGlone has remained upbeat about bitcoin throughout its volatile swings, at a point suggesting this is to be the year that the top crypto will become a digital version of gold, a prime store of value.
In his new analysis, he admits there might be pitfalls curtailing BTC’s price growth going forward – and that would have to be a reversal of the on-chain metrics related to “the hashrate and active addresses.”
In other trending Bitcoin News today:
Bitcoin Could Hit New Yearly High on US Election Risks, Hints Citibank
Report New Citibank report hints that the Bitcoin price could hit a new year-to-date (YTD) high, abetted in part by the risks surrounding the US presidential election.
The analogy takes cues from a quarterly commodity outlook published by Citigroup.
The American banking giant specifically based its report on gold and its potential behavior amid the election season this November.
It noted that the precious metal may rise to a new yearly high, stating that the market is underplaying the asset’s ability to grow against the election’s uncertainty.
Bitcoin, which has erratically tailed the gold market since March 2020, fell this week against a similar geopolitical outlook.
The cryptocurrency briefly touched $10,100 as the Federal Reserve Chairman Jerome Powell warned about their inability to support the US economy without the second coronavirus stimulus package.
The US Congress delayed the long-awaited financial aid as the Democrats and Republicans argued over the size of the help.
Many economists and analysts anticipated that the second stimulus package won’t arrive before the presidential election.
The said delay appeared even as the US reported a historically high unemployment rate, a rise in the number of bankrupted small and medium-sized businesses, a resurgence in coronavirus cases.
That further led investors to park part of their capital back into the US dollar.
It overall reduced the appeal of other safe-haven and risk-on assets.
As a result, Bitcoin, gold, and stocks gave up part of their gains to the stronger dollar outlook.
But for Citibank, there is still room to grow, at least for gold.
The bank wrote in its report:
“The election could be an extraordinary catalyst for gold flat price and volatility skew late in the fourth quarter, even though historically there is no clear pattern for gold trading or price volatility into and after U.S. elections. That is one reason why we expect gold prices to hit fresh records before year-end.”
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