The GMI model that uses Metcalfe Value to make this prediction, outlined that the BTC fair value will be set at $300K by October 2021 while now the price is holding to the support of $30,000 as Raoul Pal’s Global Macro Investor report outlines. Let’s follow up on our latest Bitcoin news and find out more about the price prediction.
The GMI model that uses Metcalfe Value to make this prediction, suggests that the market is undervalued. Raoul Pal has plenty of years of macro investing experience. He has been outspoken about BTC and its long-term value propositions and the GMI founder was even vocal about the cryptocurrency breaking out in Q4 2020. Valuations increased from there but the recent model that focuses on the Metcalfe Value shows that things are only warming up.
The “value” acted as a middle-point for the crypto’s valuation so now BTC is facing significantly below the Metcalfe Value as per the reports. Past instances of the BTC bull market increased beyond this model but were caught up in the case that will take the cryptocurrency to $300,000 by October 2021. The project lines up the predictions from other analyst companies and more and even took the exact trajectory of the cycle imposing it over the current cycle that will indicate a peak of more than $300K per BTC.
If the Metcalfe Value is accurate, and the cryptocurrency follows accurately, $300,000 is an extremely cautious prediction. Past instances of the bull market peaks rose higher than this value according to the GMI report chart. The prices reached beyond value and this could put the price of each coin somewhere at $1 million apiece. If that happens, buying it at any point in the next few months could be the greatest opportunity ever. Other attempts to assign a fair market value to the crypto asset using this law, have much lower estimates.
As reported previously, A Bitcoin retest of $41K depends on the bullish indicators and the next BTC breakout move. In retrospect, the Falling Wedge in an uptrend is only a continuation pattern that occurs once the market contracts with the structure indicating the resumption of the uptrend which means that the traders can look for other buying opportunities once the price closes above the Pattern upper trendline.