Bitcoin is currently very undervalued based on chain metrics, according to top analyst Will Clemente
Bitcoin (BTC) is currently at significant bargain levels according to several under-the-radar numbers on the chain, according to analyst Will Clemente.
In a new interview with Altcoin Daily, Clemente says he’s seeing a strong amount of institutional demand for Bitcoin on Coinbase, America’s largest crypto exchange.
“I would say from that sense, Bitcoin is definitely in a value range, below $20,000. When we look at order books, we’re seeing a kind of confluence of multiple order books. One of the ones we’re looking at is Coinbase spot. The reasoning behind that is because that’s where a lot of these US-based institutions operate because Coinbase has done a lot of work on the compliance side and the regulatory side, and they’re a publicly traded company, so a lot of these US-based firms feel more comfortable operating on Coinbase compared with a foreign exchange like Binance or KuCoin or any of these other exchanges…
Looking at Coinbase there is a very clear form of pocketing with bids from under $18,500 down to $11,000 to $12,000. And so what I’m saying here is that there is strong demand for BTC below $19,000. And we’re also seeing a confluence of that in several other arenas, especially when we look at spot arenas. So it is another reflection that the value range of BTC below $20,000…
I would say it is very underrated instead [at] fair value.”
The analyst says a macro capitulating event could push BTC from current prices into “extremely undervalued” territory, but he expects such a price move to be bought up very quickly should it occur.
At the time of writing, Bitcoin is trading at $19,104.
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Featured image: Shutterstock/prodigital art/Konstantin Faraktinov
