Recently interviewed by analyst Will Clemente Altcoin a day. He talked about the price of bitcoin (BTC) hovering around $ 19,000 for a while. According to Will Clemente, this price represents an unusual situation. Find out what it is.
Bitcoin (BTC): strong demand and undervaluation
According to the Daily Hodl publication on October 16, analyst Will Clemente said that There is bitcoin (BTC). undervalued. Will claimed to have noticed strong demand for BTC from institutions on the crypto exchange Coinbase. Moreover, some on-chain metrics have indicated that the main cryptocurrency is at significant market levels.
Will Clemente said: I would say from that point of view, bitcoin is definitely in a value zone, below $20,000. When we look at the order books, we see a kind of confluence of multiple order books. One of the ones we are looking at more closely is the Coinbase site. “.
The analyst pointed out that bitcoin (BTC) “ it is of no great value compared to its actual value. He added that a macro-capitalization event could cause a crypto price to “ extremely undervalued “. However, Will Clemente believes that such a price move could be redeemed very quickly after it occurs.
Coinbase was the exchange of choice for American institutions
According to the crypto analyst, if the Coinbase exchange is the most considered, it is because its customers include many institutions based in the United States. Institutions prefer it because they have invested a lot in terms of compliance and regulation. Additionally, the Coinbase exchange is a publicly traded company. For all these reasons, many companies in the United States prefer Coinbase to foreign exchanges such as Binance and KuCoin.
” When we look at Coinbase, there is a very clear bidding pocket starting from under $18,500 all the way up to $11,000 to $12,000. And so what I’m saying here is that there is strong demand for BTC below $19,000. We see this demand on many other platforms as well, especially on spot locations. So that’s another indication of that value range for BTC below $20,000 “, explained Will Clemente.
For analyst Will Clemente, it is clear that Bitcoin (BTC) is currently undervalued. He also says the situation could get worse. However, the value of the cryptocurrency can be expected to recover more or less immediately after a major devaluation.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.
