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.
Chaos. 300k by Oct 2021. Life changing it would be. pic.twitter.com/DGiWzLTT3x
— det (@Ctrl_Shft_N) January 29, 2021
Coupled with this:
Unbelievable. pic.twitter.com/7crxfIHWYG
— det (@Ctrl_Shft_N) January 29, 2021
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).