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Bitcoin (Bitcoin) is currently at a significant bargain level according to multiple on-chain indicators under the radar, according to analyst Will Clemente.
In a new interview with the Altcoin Daily, Clemente sees strong demand for bitcoin from institutional investors on Coinbase, the largest cryptocurrency exchange in the United States.
In that sense, Bitcoin is definitely in the sub-$20,000 value realm. One of the things that is doing is Coinbase Spot, the reason behind it is that Coinbase has done a lot of work on the compliance side and the regulatory side and they are a publicly traded company so these US based institutions As such, many of these US-based companies feel more comfortable operating on Coinbase than on foreign exchanges such as Binance or KuCoin or other exchanges. I’m here.
Looking at Coinbase, there is a very distinct kind of bid pocket from under $18,500 to $11,000 to $12,000. So what I’m saying here is that there is strong demand for BTC sub $19,000. We have also seen merging at multiple other venues, especially spot venues. This is another reflection of the BTC sub-$20,000 value area
I think it’s very underrated instead [at] fair value. “
Analysts have said that a macro-capture event could push BTC from its current price into “extremely undervalued” territory, but such a price move could be expected if it occurs. are expected to be bought very quickly.
At the time of writing, Bitcoin is trading at $19,104.
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Featured Image: Shutterstock/prodigital art/Konstantin Faraktinov
