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Bitcoin approaches key support based on Metcalfe’s Law
The ratio between the market price of Bitcoin and its theoretical value based on Metcalfe's Law has dropped to a historic support level — a zone that previously preceded upward reversals.
Metcalfe’s Law, formulated by Ethernet inventor Robert Metcalfe, states that the value of a network grows proportionally to the square of its users. In crypto analysis, this principle is used to estimate Bitcoin’s “fair value” by comparing the number of active addresses with the actual market price.
Right now, the metric suggests that BTC may be undervalued relative to its network activity.
If the historical pattern holds, this level could become a launchpad for the next upward move, as the network’s fundamentals remain stronger than the current market pricing.
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