Mike McGlone: The real price of Bitcoin is $ 15,000

Gordon

New member
Mike McGlone, an analyst in the field of digital currencies, believes that previous record-breaking hash rates and, more importantly, the one-month average number of active Bitcoin addresses indicate that the current price of this digital currency should be in the $ 15,000 range. He says:

The bitcoin hash rate is still on the rise and has recently set new records. In addition, the number of active addresses is growing. Also, by automatically scaling the average daily number of active Bitcoin addresses from 2017, you can see that the current price should be around $ 15,000. It is worth mentioning that the daily average of active Bitcoin addresses is one of the most important indicators for measuring the acceptance of this digital currency.

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Average daily bitcoin active addresses. Source: Glassnode


It goes without saying that Mike McGlone has always been optimistic about the future of Bitcoin, despite its many ups and downs. He believes that Bitcoin is at the forefront of changing the paradigm and transition to digital money and new value-saving tools. He acknowledges that while Bitcoin is likely to continue to fail, this is highly unlikely to happen. Mike McGlone adds:
 

Stone

Member
I do not believe that the hash rate or active addresses have anything to do with the price of Bitcoin. The price of Bitcoin largely depends on the liquidity of the crypto market. In my opinion, Bitcoin price speculation does not affect the market anymore as it used to do a few years. At the moment the Bitcoin price is controlled by whales who are busy manipulating it.
 

Dhruv

Member
I do not believe that there is a linear relationship between bitcoin hash rate and active addresses, rather it is bitcoin hash rate is follow the price and not price follow it.

Mike McGlone is optimistic about the price, but even $ 15,000 seems too much, the price has stabilized above $ 10,000, which is the most important thing.

Note that the price increase is not important, but rather stability (for those who want to use it as his currency) or volatility (for those who want to speculate). In the long term, the rise is the dominant feature.
 

Seven

Member
I don't believe in graphs when it comes to blockchain. Because you re not looking into a companys graphs. The price is based on demands.
 

Aayan

Member
Just like what hugeblack, it's not a linear relationship. It's not only the bitcoin hash rate and active addresses. It's not a linear relationship with the price itself.
Being optimistic is not bad because who shouldn't be delighted? Especially in Bitcointalk, we all want the price to rise, but it's not easy as More Active = Higher price. It's more complicated than that. People are complicated.

It depends on the view as well. We may be stable now in this range, but it's specified by time and date. It's not going to be always right. So speculating for a short amount of time may not be as effective compared to a longer timeframe, but since Bitcoin is still young, it still lacks that time.
 

Yadiel

Member
The real price of Bitcoin is the current price of Bitcoin.This guy is just preaching his bullish BS theories.
How the hell can we "reverse" the hash rates and active addresses and how this would help for boosting the Bitcoin price?This is just nonsense.
By the way,who the hell is Mike McGlone and why should we care about his opinions?
 

Jermaine

Member
If the corona virus hasn’t decided to show its ugly face then without doubt the price would be higher. It’s the same for all industries & assets in the world right now. Things will pick up in good time though & I’m sure we’ll see bitcoin to rise over $15,000 in the next 12 months.
 

Mustafa

Member
We all know that the market price is volatile and it's not hard to predict that the price of coin has a possibility may increase up into the 15k price. If there are people know makes an investment of the bitcoin the price may increase
It's look like many of them want to be have a bitcoin. It's hard to say that if there's a lot of new addresses crrated they want to have bitcoin instead they want to use this as a mode of payment.
 

Ignacio

Member
I agree with the previous comments that it is difficult to establish a relationship between the hash rate or addresses and the price.

This is not the stock market, where you can set an "objective" price for a stock, and even in the stock market those "objective" prices are sometimes proven to be flawed.
 

Jesiah

Member
The real price of Bitcoin is the amount of money people are ready to pay for the coin. Nothing more.
 
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