What is the Price of Bitcoin? Famous Investor Commented
Bitcoin (BTC) experienced a serious upward trend after the historical collapse on March 12, which was referred to as “Black Thursday” in crypto history. Finally, it broke the $ 10,000 psychological level yesterday and reached the $ 10,500 level. However, the leading crypto asset in this region has fallen to $ 9,100 levels first; then he returned to the $ 9,500 level he had in writing.
Famous investor Charles Edwards evaluated Bitcoin’s market situation. According to Edwards, the current level of Bitcoin should be: $ 11,500.
Bitcoin overvalued for first time since September 2019 per Energy Value.
When EV bottoms and trends up, it is often a BIG up trend. Particularly after halving.
We are already getting signs of daily EV greater than price. If this continues, expect fast recovery. pic.twitter.com/lEU0n8knmM
— Charles Edwards (@caprioleio) June 1, 2020
Edwards, who often heard his name as the person who found the real market value calculation formula (Bitcoin Energy Value) of Bitcoin, said in his statement; Considering the metrics like Bitcoin’s energy value, supply growth rate and fiat dollar energy, he stated that the value of Bitcoin should be $ 11,500.
Mobility in Bitcoin, which has been traded sideways for almost a month, is the latest movements before the rise, according to Edwards. Finally, Edwards added that the fact that institutional support does not affect the price of Bitcoin in the current situation can cause rises and decreases in this short term.