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Bitcoin Is Undervalued, Based On Chain Metrics – Reasons Revealed

It’s been revealed by an important analyst that Bitcoin is currently undervalued based on chain metrics. Check out the latest reports about the price of the most important digital asset below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $19,263.

Bitcoin is undervalued

Bitcoin (BTC) is currently at significant bargain levels an important analyst said. This is according to multiple under-the-radar on-chain metrics, according to analyst Will Clemente.

In a new interview with Altcoin Daily, Clemente says he sees a strong amount of institutional demand for Bitcoin on Coinbase.

“I would say from that sense, Bitcoin is definitely in an area of value, below $20,000. When we look at order books, we see kind of a confluence across multiple order books. One of the ones that we look most closely at is Coinbase spot.”

He continued and said the following:

“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 regulatory side and they’re a publicly traded company. So a lot of these United States based firms feel more comfortable operating on Coinbase versus an overseas exchange like Binance or KuCoin or any of these other exchanges…”

Clemente said that when we look at Coinbase there is a very clear kind of pocket of bids from below $18,500 down to $11,000 to $12,000.

He is basically saying that there is a strong amount of demand for BTC sub $19,000.

“And we also see a confluence of that on multiple other venues, in particular looking at spot venues. So that’s another reflection that value area for BTC sub $20,000…I would say it’s very undervalued instead of [at] fair value.”

Despite the market volatility, there are still optimistic predicitons about the price of Bitcoin these days.

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