While a major breakout isn’t expected until September due to the historic summer slump, Capriole Investments founder Charles Edwards said Bitcoin’s current price of $116,000 is below its fair value.
Edwards, stating that Bitcoin is cheaper than its intended price, said that according to his company’s “energy value” metric, Bitcoin should currently be at $167,800.
At this point, Edwards said Bitcoin is about 45% lower than the price it should be.
“We are trading at a deeper discount to the $116,000 valuation today than when Bitcoin was at $10,000 in September 2020.”
Accordingly, Bitcoin would need a 45% price increase to reach its fair value.
*This is not investment advice.
Continue Reading: Is Bitcoin Cheap or Expensive Right Now? Expert Explains and Shares BTC’s Predictable Price Level!
