According to This Model, Bitcoin (BTC) Should Reach $ 300,000 By October.
The bitcoin price is firmly fixed at $ 30,000, and the leading cryptocurrency by market cap could go up 10 times by October 2021, according to Raoul Pal’s Global Macro Investor report.
GMI’s model uses Metcalfe Value to predict and indicates that the cryptocurrency is currently at a low value. Could this lofty goal be just nine months away? Here’s what past market cycles have to say about this forecast.
GMI Model Forecasts $ 300K BTC
Raoul Pal has decades of global macro investment experience. He regularly talks about Bitcoin and its long-term value. The GMI founder had been making bullish predictions about the cryptocurrency before the explosion in the 4th quarter of 2020.
Valuation increased significantly at that time. However, things are just warming up, according to a new model featured in a GMI report focusing on Metcalfe Value. The chart includes the GMI Model Metcalfe Value and its proximity to the Bitcoin price . “Value” served as a sort of midpoint for the valuation of the cryptocurrency.
According to the report, Bitcoin is currently significantly below the Metcalfe Value. Past examples of Bitcoin bull markets have always gone beyond Metcalfe Value. In this case, it will increase the cryptocurrency to $ 300,000 per BTC by October 2021. The project is indeed in line with predictions from other analysts, firms, and more. Even taking the full trajectory of the last cycle and imposing it throughout the current cycle will mark a peak of about $ 325,000 per BTC.
However, if the Metcalfe Value is indeed correct, the ceiling of $ 300,000 would be an extremely conservative estimate. Again, past examples of bull market peaks have always risen beyond Metcalfe Value according to the GMI Report chart. Prices where previous peaks reached beyond value will put the price of each Bitcoin close to $ 1 million.
If that’s the case, buying BTC at any point over the course of nine months could be an opportunity, according to analysts. However, there are of course lower estimates of attempts to assign a fair market value to the cryptocurrency using Metcalfe’s Law .