Looking only at active addresses may be somewhat biased, so we can look at holders. If we examine the number of addresses with a balance greater than 0.01 BTC (equivalent to $800):
The ratio of the square of addresses to market capitalization is approximately 13 (average value, highest 19x, lowest 7.85).
The annual growth rate of the number of addresses has been relatively stable at around 10% per year since 2017.
Based on a 10% annual growth rate, assuming that in 2 years (the end of 2016) is the next bull market, the number of addresses could grow to 15 million. According to the constant of 13x, the market capitalization of Bitcoin could reach 3 trillion, corresponding to a price of about $150,000.
So, lower your expectations… BTC in the future will be a cyclical stock, and buying at the lows could yield several times the return.
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