According to the Bloomberg cryptocurrency newsletter, one of the main indicators in the network is that Bitcoin (BTC) is currently undervalued.

Mike McGlone, cryptocurrency analyst at Bloomberg, believes the recent increases in bitcoin hashrate, and most importantly, 30-day average active bitcoin addresses indicate asset prices below $ 15,000:

“The hash speed of Bitcoin continues to grow and has recently reached new heights. It also shows the addresses used. Higher scale for adoption, 30-day average bitcoin addresses correspond to a price close to $ 15,000 measured based on autoscaling since then. 2017. ”
McGlone remained optimistic about Bitcoin during the ups and downs. He says that Bitcoin seems to be the pioneer of a “paradigm shift towards digital money and securities”, and while admitting that it can still fail, he considers it unlikely and concludes:

“Our graph shows the key calculations in the chain that may need to be changed in order not to continue estimating price – hash rate and active addresses.”
It is true that despite the recent downside, Bitcoin’s core chain appears to be strong, although it is impossible to know when / if these indicators will lead to a price correction.

Source: CoinTelegraph

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