Market

Bitcoin will mimic the rise of Amazon, Raoul Pal says BTC is undervalued

Bitcoin will mimic the rise of Amazon, Raoul Pal says BTC is undervalued.

Macro expert and CEO of Real Vision, Raoul Pal, examines the historical price development of the e-commerce giant Amazon and compares it with the performance of Bitcoin (BTC) since 2013.

The former CEO of Goldman Sachs told his 863,300 Twitter followers that Amazon (AMZN) has complied with Metcalfe’s law, which states that the greater the number of users on the network, the greater the value of a network.

Pal points out that Amazon was a volatile stock in the early 2000s, falling sharply as high as 50%.

“It looked like this between 2003 and 2011.”

According to Pal, Amazon’s previous price action is similar to Bitcoin’s current price action.

Pal also took a look at Amazon’s market structure in 2010, which he believes is very similar to Bitcoin’s price movement over the past 12 months or so.

“In short, Amazon 2010 looks like this …”

“And BTC so …”

According to the macro expert, the benchmark cryptocurrency could retest key support at $ 30,000 if Bitcoin follows Amazon’s price action in 2010.

“It shows BTC could retest $ 30,000, but I doubt it (I think the sell-off is about to close).” Because BTC Fractal has a longer term than AMZN and is more volatile. In the end, it’s all about noise. The new log plot is accurate and in itself an approximation of Metcalfe’s Law. “

Pal also added that the price of Bitcoin would fluctuate around $ 100,000 under Metcalfe’s Law, suggesting that BTC is undervalued well below its current price of $ 42,144.

“BTC is cheap compared to Metcalfe’s Law…. (And has been for a long time – I guess because there are currently fewer network applications on BTC than on ML [định luật Metcalfe] Desire)”.

You can see the price of bitcoins here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

20 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

49 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

1 hour ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

This website uses cookies.