Bitcoin To Hit $100,000 in Five Years – Bloomberg
Mike McGlone, an analyst of Bloomberg, is predicting that Bitcoin will achieve the price target of US$ 100,000 by 2025. His predictions are based on historical data and trends of Bitcoin. He is also considering the four years of the price range in which Bitcoin grew from US$ 1,000 to US$ 10,000 in 2017.
“So, doubling that time frame for maturation could get the price toward $100,000 in about five more years,” he said, in Bloomberg’s Crypto Outlook report for October. “Most demand and adoption measures indicate bitcoin is more likely to stay on its upward path.”
If we look at the 30-day average of BTC addresses which, is a top metric for adoption, the price of Bitcoin should be equivalent to about US$15,000. Hence McGlone argues that at the current price of US $10,700 it is highly undervalued. He predicts that the top cryptocurrency is heading towards US$14,000 by the end of 2020.
The Number of Bitcoin Addresses
The number of Bitcoin addresses at the beginning of this year was around 684,000. At that time the price of Bitcoin was averaging around US$ 7,700. As per the Glassnode data, the active number of addresses has increased to 981,000. It is worth mentioning when the active addresses hit the 1.1 million mark on 23rd December 2018, Bitcoin traded around US$ 14,000.
McGlone’s report also speculates that the Tether (USDT) market capitalization will exceed Ethereum’s (ETH) by 2021. Then USDT will become the second-largest cryptocurrency in the world. As more and more investors look into ways of preserving the value of their coins Tether’s market cap has reached new heights in recent months. It has reached US$ 15.6 billion as of today.
“Indicating demand for a digital version of gold (BTC) and a crypto-asset like the dollar, if current trends prevail, the market cap of tether may surpass ethereum next year,” it said. “Increasing adoption of stable coins is likely a precursor for central bank digital currencies and promises to be more enduring than alt-coin speculative excesses.”
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