Bitcoin’s Energy Value Suggests Potential for 45% Price Increase Amid Record Hash Rates
Main Idea
Bitcoin is currently undervalued by 31% based on its energy-based fair price, estimated at $167,800, suggesting potential for a significant price increase.
Key Points
1. Bitcoin's Energy Value metric suggests its fair price is around $167,800, making it 31% undervalued at current levels.
2. The Energy Value metric, created by Capriole in 2019, calculates Bitcoin's price based on the fiat dollar value of energy consumed by miners.
3. Bitcoin's hash rate has reached a record high of 1.031 zettahashes per second (ZH/s), reinforcing the energy-based valuation.
4. Market participants believe the current discount to energy-based fair value presents a bullish opportunity, similar to when Bitcoin was at $10K in September 2020.
5. Bitcoin's Hash Ribbons metric indicates a healthy outlook for miners and price performance, supporting the potential for a price surge.
Description
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