In the near-term, they claim that this metric suggests that it has a fair value of $12,000.
“The number of active Bitcoin addresses used… suggests a value closer to $12,000, based on historical patterns. Reflecting greater adoption, the 30-day average of unique addresses from Coinmetrics has breached last year’s peak.”
Bitcoin’s price did reach as high as $12,000 just this past weekend, but it faced a massive influx of selling pressure at this level that caused it to decline back to $11,000.
Nonetheless, the strong fundamental base that Bitcoin is currently sitting upon does seem to warrant it seeing further upside in the months ahead.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org