Global Macro Investor Report – Bitcoin will Reach $300,000 by October 2021 February 1, 2021 February 1, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsFebruary 1, 2021 by Kelly Cromley

Global Macro Investor Report – Bitcoin will Reach $300,000 by October 2021

Global Macro Investor (GMI) report published by Raoul Pal forecasts the price of Bitcoin to sharply increase to a price level that is above 7x the prevailing valuation before the end of this year.

In this regard, Pal has retweeted an image posted by a twitter user nicknamed det that indicates Bitcoin rising towards $300,000 by October 2021 on the basis of GMI’s Model Metcalfe Value.

As per GMI’s price model, the Metcalfe Value signifies the media value of Bitcoin throughout bull and bear markets. In earlier bull markets, Bitcoin has successfully risen over the Metcalfe Value.

Likewise, during bear markets, Bitcoin has remained near or below the Metcalfe Value.

GMI’s chart provided below indicates that Bitcoin is very much undervalued at the prevailing price level of $34,000.

On the basis of Metcalfe value, Bitcoin should be trading over $100,000.

Another crypto enthusiast with det as the twitter handle has posted another image from the report indicating that Bitcoin is only in the initial stage of adoption curve as academics and institutions have just started to get their hands on the crypto market leader. GMI trusts that Bitcoin will ultimately reach its Metcalfe Value against the backdrop of rising rate of adoption.

Raoul Pal, founder and CEO of GMI, is a well-known advocate of Bitcoin. He anticipates the numero uno crypto to reach $1 million in the next five years. In recent times, Pal disclosed that altcoins make up 5% of his portfolio, which is predominantly composed of Bitcoin (BTC) and Ethereum (ETH).

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.