Max Keiser, who is popular for making BTC predictions based on hash-rate adjustments has a new target for Bitcoin price this year. Just as Bitcoin price hits a new all-time high above $35,500 a few hours back, industry veterans have started making fresh predictions for BTC price in 2021.
Last month in December 2020, the Bitcoin network registered its highest every hash-rate at 136 exahashes/second. As of writing this article, the BTC hash-rate has topped 148 exahashes/second as per info on Blockchain.com. As per the chart provided by the platform, the Bitcoin hash-rate has surged 12.% just over the last week.
Keiser, who predicted $36,000 BTC price based on hash-rate adjustments notes that BTC price will hit $220,000 by the end of this year. In his latest tweet, he writes:
“$36,000 BTC was the hashrate-adjusted-price I flagged last summer (Hashrate leads price) With HR hitting new highs; 2021 target of $220,000 comes into focus”.
The surging hash-rate shows the growing fundamental strength of the Bitcoin blockchain network. Let’s look at some of the other on-chain metrics suggesting a bullish scenario for Bitcoin price. Interestingly, Keiser’s prediction comes a day after JPMorgan gave a long-term target of $146,000.
On-Chain Metrics: Bull Case Scenario for Bitcoin Price
Glassnode, fournisseur de données en chaîne, note que le MVRV Z-Score actuel de Bitcoin se trouve autour des niveaux observés en juillet 2017, après quoi il a bondi de 10 X au cours des six prochains mois pour atteindre son sommet de 20 000 dollars en 2017. Ainsi, selon les mêmes mesures, la prévision de prix de 220 000 $ de Keiser pour BTC n’a pas l’air farfelue.
As stated by Glassnode: “The MVRV-Z Score is used to assess when an asset is overvalued or undervalued relative to its “fair value”, as underlined by the deviation between its market cap and realized cap“.
On the other hand, Bitcoin’s bull case scenario refuses to weaken at any cost as heavy BTC accumulation continues on Coinbase.
However, the Bitcoin futures market’s open interest has hit an all-time high above $11 billion as by data on Bybt.com. This suggests that the market is extremely overheated at this point.