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Is Bitcoin Cheap Yet?
With Bitcoin’s price hitting a new cycle low1 under $60,000, many market participants are asking: Is Bitcoin cheap yet? The answer—according to the signal from a range of onchain valuation indicators—is yes, but not as much as previous cyclical lows (e.g., post FTX-collapse). Whether we have hit bottom this time depends on the regulatory outlook and on how large leveraged BTC holders perform in the short run. As shown in Exhibit 1, a composite onchain valuation indicator (comprising a weighted average of three distinct measures2) suggests that BTC price is well below its long-term average, implying that Bitcoin ... (full story)
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- Jun 9, 2:06pm | 3 hr ago Posted byFundamental Analysis47
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