Cryptocurrencies

Bitcoin (BTC) at $ 15,000 after US election, that’s what the numbers say! – Cryptocurrencies

The year 2020 is drawing to a close and the value of Bitcoin (BTC) is far from that of many post haliving forecasts. However, it is not excluded that the price of the asset will reach 15,000 dollars in the period that will follow American elections. This forecast comes to us from the Stack Funds report which is based on the fact that the MVRV index is sticking firmly to its upward trend. Thus, Bitcoin’s gains in market capitalization relative to realized capitalization ratio should allow assets to break the $ 12,000 mark.

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A value that should follow the upward trend of the MRV

Designed by analysts Murad Mahmudov and David Puell, the MRV is a measure resulting from ratio between market capitalization and realized capitalization created by CoinMetrics. It thus makes it possible to provide a more precise assessment of Bitcoin than that coming from traditional market capitalization. For 02 years this index has clearly followed an upward trend except for the dark period that bitcoin went through in March due to the coronavirus. With reference to the trends of previous years, Stack Funds believes the value of bitcoin should climb rapidly.

“The MVRCurrent V is 1.8, and is believed to be well supported by the trendline where bitcoin hit its lowest level in late 2018. The trend also follows a similar trajectory to that of the bull run of 2017, with steady growth that has tested an identical trend line several times. Considering the strength of the support, we would expect a significant breakout of 2.0 in the near term, as it looks like the 2019 peak is being tested again at 2.5, which will put Bitcoin’s price above the $ 15,000 level »Specifies the report.

The impact of the latest investments by institutional investors

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Another important development in recent months is also playing in favor of rising bitcoin prices. It is the growing interest of institutional investors in assets with the key to major acquisitions. Stone ridge thus made an investment of $ 115 million against $ 50 million from Square. The real star of this movement remains MicroStrategy who has so invested nearly $ 425 million in bitcoin. The same goes for the asset futures contract that everyone has been tearing off since the beginning of October.

With asset values ​​struggling to overcome the $ 12,000 hurdle now, analysts are looking for signs to the contrary. The upcoming bullish movement around MRV and the recent interest from institutions respond in this sense to this optimistic view on the value of bitcoin.

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