Bitcoin in “deep value” territory as metric points to BTC bottom, says macro expert Lyn Alden

Closely followed macro analyst Lyn Alden says Bitcoin (BTC) is likely approaching a “low value” area as certain metrics begin to signal that a bottom is in place.

In a new interview with Blockware Intelligence, Alden says Bitcoin’s current price range presents opportunities for market participants who have a long-term investment thesis on BTC.

“I think this area has super low value in the mid-$20,000 range. When looking at things like quiescent flow, a number of different on-chain indicators are of great value. At the end of the day, you can have those wicks well below when there’s something of a liquidity crunch. But overall I think we’re in a kind of area where — I don’t know exactly where the bottom is going to be obvious — I think we’re at that stage where if you cost the dollar, average lies, or you. For shopping I think this is a good place to do it. I think trying to catch some kind of micro bottom is kind of a fool’s game.”

Alden says that Tether (USDT)’s peg to the dollar struggling and then recovering, as was the case during the May 12 crypto correction, could be a sign that markets are poised to reach the bottom.

“Some things I’m watching for example, I’ve been watching the tether peg because it’s kind of a sign of liquidity. If that bond is struggling, it’s a sign of liquidity, in addition to any concerns people might have about security. Liquidity is being sucked out of the room so quickly that it’s hard for anything to bounce back. And when you start to see that recovering as it recovers, that’s kind of a sign that maybe the worst is behind us and some projects will continue to bleed dry, but maybe they have the highest-value things like bitcoin already surrender. It’s hard to say for sure.”

Source: The Daily Hodl

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