bitcoin Investors are looking forward to $30,000 as it continues its sideways movements at $28,000.
BTC While the first target is seen as $ 30,000 for Capriole Investments, Charles Edwards, the founder of Capriole Investments, said that this level is not enough for BTC.
In his post on Twitter, the famous name claimed that the current price of Bitcoin is still significantly below its fair value.
Bitcoin’Arguing that Bitcoin is currently trading at 33% below its fair value, Edwards calculates the fair value of Bitcoin according to the cost of energy spent maintaining the BTC network.
Charles Edwards bitcoin He concluded that according to his simple equation based on the electrical energy used in mining, the fair value of Bitcoin should be $42,000.
“Bitcoin is trading at a 33% discount to its fair value…”
Bitcoin is trading at a 33% discount to its fair value.
The symmetry of the Bitcoin cycle and its fundamental data is something truly unique to Bitcoin. I suspect this is a trait only found in tamperproof assets, only Bitcoin. pic.twitter.com/XM07XQYAAK
— Charles Edwards (@caprioleio) April 3, 2023
Edwards is also present bitcoin He stated that the price and fair value are similar to the 2018 bear market, where Bitcoin traded below its fair value for 285 days. BTC now it has been trading below its fair price for 298 days.
Yesterday Binance CEO CZ Bitcoin price was traded in the range of $ 27,200 – $ 28,500 in the last 24 hours, after allegations that it was searched by Interpol with a red notice.
Although this situation created a panic atmosphere in investors, albeit for a short time, after CZ denied this news, Bitcoin rose above $ 28,000 again.
*Not investment advice.
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