The major cryptocurrency Bitcoin (BTC) is packed into a narrow range. It has been on a downward trend since reaching the $123,000 ATH in mid-July, with BTC unable to break through the resistance level.
While no major breakouts are expected until September due to historic summer slump, Capriol Investment founder Charles Edwards said Bitcoin’s current $116,000 price is below fair value.
Edwards said Bitcoin is cheaper than intended, and according to his company’s “energy value” metric, Bitcoin should now be $167,800.
At this point, Edwards said that Bitcoin is about 45% lower than its original price.
“We are trading at a deeper discount on today’s $116,000 valuation than when Bitcoin was $10,000 in September 2020.”
Therefore, Bitcoin needs a price increase of 45% to reach fair value.
*This is not investment advice.
