A model that uses on-chain data suggests bitcoin could be undervalued at its current $20,000-$21,000 price range. By shauryamalwa
Long-term investors in bitcoin are adding to their stashes as prices decline, despite the generally bleak macroeconomic outlook, with some models suggesting the world's largest cryptocurrency could be undervalued at the current price range of $20,000-$21,000.
The Puell Multiple, calculated by dividing the daily issuance of bitcoins in U.S. dollar terms by the 365-day average of the value, indicates that newly minted coins are undervalued relative to the yearly average. For some observers, this shows that the current profitability for miners to sell bitcoin is relatively low – a move thatThe CryptoQuant analysts, however, cautioned that a price bottom is probably “still far” from being formed, citing fundamental concerns.
The U.S. Federal Reserve is expected to continue raising interest rates aggressively, with some officials stating it is “unrealistic to expect easing anytime soon” – a sentiment that has added to concerns among investors.
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