342: BITCOIN IS UNDERVALUED, FAIR VALUE SHOULD BE $15K SAYS BLOOMBERG!! BTC COULD HIT NEW YEARLY HIGH!!

Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News

English - September 25, 2020 15:28 - 21 minutes - 9.99 MB - ★★★★ - 537 ratings
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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.