Chaos. 300k by Oct 2021. Life changing it would be. pic.twitter.com/DGiWzLTT3x
— det (@Ctrl_Shft_N) January 29, 2021
According to GMI’s model, the Metcalfe Value represents the middle point that tracks the performance of Bitcoin during bull and bear markets. In previous bull markets, BTC has managed to soar above the Metcalfe Value, while in bear markets, BTC has stayed close or dived below it.
GMI’s chart shows that BTC is extremely undervalued at its current price of around $34,000. Tracking the Metcalfe value, Bitcoin should be trading above $100,000.
User det also shared another image from the report suggesting that Bitcoin is still in the earliest stage of the adoption curve as innovators and institutional players embrace the leading cryptocurrency. GMI believes that Bitcoin will eventually catch up to its Metcalfe Value on the back of growing adoption rates.
GMI founder and CEO Raoul Pal is a big Bitcoin bull who expects the leading cryptocurrency to surge to as high as $1 million in five years. Recently, Pal revealed that in addition to Bitcoin and Ethereum (ETH), he’s also holding 10 altcoins that make up 5% of his crypto portfolio.