According to Bloomberg crypto analyst Mike McGlone, bitcoin is worth $15,000, not the $10,900 price as of press time. McGlobe is the senior commodity strategist at Bloomberg and, upon examining various factors like bitcoin’s rising hashrate––which continually hits new records––he determined Bitcoin is undervalued at current levels.
“The Bitcoin hashrate continues to increase and recently reached new highs,” wrote McGlobe. “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.”
BTC’s seven-day average hashrate increased to more than 140 exahash per second (EH/s), an all-time high. The hashrate signals the power of all the computers which mine bitcoin. The more hash power, the more miners. The miners might be more bullish, committing to spending the resources it takes to mine bitcoin with the expectation of future price gains and therefore profits.