According to the Bloomberg crypto newsletter, a key on-chain indicator suggests that Bitcoin (BTC) is currently greatly undervalued.
Bitcoin active addresses, the 30-day average. Source: Glassnode.
Bloomberg’s crypto analyst Mike McGlone believes that the recent all-time highs in Bitcoin’s hashrate and more importantly, the 30-day average of active Bitcoin addresses, suggests a $15,000 price level for the asset:
“The Bitcoin hash rate continues to increase and recently reached new…