Bitcoin, the leading cryptocurrency, continues to remain in a narrow price range since late summer. An expert reports its low current value compared to the suggested fair price.
Current Market Situation for Bitcoin
Bitcoin is currently trading at $116,000, a decline from its all-time high of $123,000 reached in mid-July. Bitcoin is struggling to break through resistance levels.
Expert Opinion on Bitcoin's Fair Value
Capriole Investments founder Charles Edwards noted that Bitcoin's current price is below its fair value. According to his estimates, Bitcoin's fair value should be around $167,800. Edwards pointed out that Bitcoin is currently 45% lower than this price.
Price Growth Prospects for Bitcoin
Edwards claims that Bitcoin is now trading at a deeper discount than when it was valued at $10,000 in 2020. This suggests a need for a 45% increase to reach its fair value.
The situation in the Bitcoin market remains complex as the cryptocurrency struggles to break through resistance levels. However, expert expectations indicate the potential for growth if Bitcoin returns to its fair value.
