Real Vision Analyst Jamie Coutts Identifies Key Indicator for Crypto’s Mainstream Journey

Former Bloomberg analyst Jamie Coutts asserts that fundamental blockchain analysis indicates a path towards mainstream adoption for cryptocurrency. 

Sharing insights with his 10,600 followers on X, Coutts highlights the significance of Metcalfe’s Law in shaping this analytical approach, which suggests that the value of a network increases with the square of its connected users. He notes that despite price fluctuations, Bitcoin’s user base expanded in 2022 and 2023, signaling a trend towards mainstream acceptance. Coutts emphasizes the significance of blockchain fundamental analysis, pointing to the increasing number of Daily Active Users (DAUs) for smart contract blockchains and their growing market capitalization. 

He believes this indicates global adoption and underscores the potential for mainstream integration. Coutts also predicts a minimum price target of $100,000 for Bitcoin by 2025, based on on-chain indicators such as the MVRV Z-score. At the time of writing, Bitcoin is trading at $61,660, reflecting an 8.5% increase over the last 24 hours.

Clever Robot News Desk 1^st March 2024