The most important chart in Bitcoin: Metcalfe's law
Sorry, I didn't know how to do it here on tradingview.
My very smart girlfriend Jixuan Wang used the program R to import and plot the real bitcoin price versus the Metcalfe price:
https://ibb.co/mFQOL9
Orange is real price from exchanges, green is Metcalfe price, which can be calculated from the number of the daily transactions squared:
P = C* T².
P=price
C= a constant, chosen such that the fit is good
T = number of daily transactions
If orange above green: BTC IS OVERPRICED
If green above orange: BTC IS UNDERPRICED
We are currently overpriced, same as in 2014/2015. This is one of the main reasons why I believe that this bearmarket will still go on for 1 more year.
My very smart girlfriend Jixuan Wang used the program R to import and plot the real bitcoin price versus the Metcalfe price:
https://ibb.co/mFQOL9
Orange is real price from exchanges, green is Metcalfe price, which can be calculated from the number of the daily transactions squared:
P = C* T².
P=price
C= a constant, chosen such that the fit is good
T = number of daily transactions
If orange above green: BTC IS OVERPRICED
If green above orange: BTC IS UNDERPRICED
We are currently overpriced, same as in 2014/2015. This is one of the main reasons why I believe that this bearmarket will still go on for 1 more year.