According to top analyst Will Clemente, Bitcoin is currently very undervalued based on on-chain metrics
According to analyst Will Clemente, Bitcoin (BTC) is currently at significant bargain-basement levels according to multiple under-the-radar on-chain metrics.
In a new interview with Altcoin Daily, Clemente says he sees strong institutional demand for Bitcoin on Coinbase, the US’s largest crypto exchange.
“With that in mind, I would say Bitcoin is definitely in the sub-$20,000 value range. If we look at order books, we see a kind of confluence across multiple order books. One of the ones we take a close look at is Coinbase Spot. The reason is that there are a lot of these US based institutions operating there because Coinbase has done a lot of work on the compliance and regulation side and they are a publicly traded company. So many of these US based firms are more comfortable operating on Coinbase than on a foreign exchange like Binance or KuCoin or any of those other exchanges…
If we look at Coinbase, there is a very clear type of bid pocket going from under $18,500 all the way down to $11,000 to $12,000. What I want to say here is that there is strong demand for BTC below $19,000. And we’re also seeing a confluence of that in several other venues, particularly spot venues. So this is another reflection that the value range for BTC is below $20,000…
I would say it is very underrated instead [at] fair value.”
The analyst says a macro capitulation event could propel BTC into “extremely undervalued” territory from current prices, but he expects such a price move to be bought up very quickly if it occurs.
At the time of writing, Bitcoin is trading at $19,104.
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