• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

Reynaldo Marquez by Reynaldo Marquez
10 months ago
in Bitcoin
Reading Time: 2 mins read

Bitcoin has been pushed down further over today’s trading session and approaches critical levels of support. The first crypto by market cap gave back all the profits from last week rallied and has been moving in the red over the past 24 hours.

Related Reading: Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

At the time of writing, Bitcoin (BTC) trades at $23,400 with sideways movement in the past day and a 2% loss over the past 7 days.

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSD Tradingview

Director of Macro for investment firm Fidelity Jurrien Timmer believes long-term Bitcoin investors have an opportunity to increase their holdings at current levels. Via his Twitter account, the expert claims Bitcoin is cheap as he explored the cryptocurrency’s price versus value chart.

Timmer’s bullish thesis is based on BTC’s adoption curve and the likely scenario where this curve will continue to trend to the upside and increase the underlying value of the cryptocurrency. As seen below, there is a direct relationship between BTC’s adoption and its price.

The chart below shows the BTC price/network ratio, how Bitcoin reacts to more adoption, and its price. The former metric trended lower than BTC’s price until it was able to break above a critical resistance zone and turn into support.

Bitcoin BTC BTCUSDT Fidelity 1
Source: Jurrien Timmer via Twitter

Bitcoin has been moving on that support for over a month, coinciding with BTC’s price reaching a yearly low of around $17,700. As the chart above shows, these levels have historically operated well as resistance/support and hint at BTC’s price forming a bottom around that area.

Timmer said the following on BTC’s capacity to continue appreciating in the long term:

Bitcoin’s price-to-network ratio (my proxy for a valuation multiple) is back to 2014 levels. Meanwhile, its network continues to grow, roughly in line with a power regression curve. For me, the main nuance is the slope of the adoption curve. Whether we use the mobile-phone curve or internet curve as proxies, Bitcoin’s price is below its actual and projected network-growth curve (…).

Who Is Buying Bitcoin At Its Current Levels?

If Timmer’s predictions are correct, the price of Bitcoin should trend higher and reach an all-time high of $100,000 by 2050 as more people adopt it, and its circulating supply decreases. This could push BTC’s price near $1 million by 2030.

Bitcoin BTC BTCUSDT Fidelity 2
Source: Jurrien Timmer via Twitter

Timmer also compared BTC’s price to Gold and concluded that the cryptocurrency experienced its “biggest oversold condition in years”. This supports the expert’s theory that BTC’s price might have found a solid bottom on higher timeframes.

Related Reading: Shiba Inu: More Bite Than Bark – Another Price Jump Around The Corner?

Additional data from Timmer records an increase in the number of BTC Holders. 13% of the cryptocurrency’s total supply has entered the 10-year unspent period with more and more people buying it in the long run.

Who is buying Bitcoin these days? Apparently not the tourists (i.e., short-term holders). The percentage of Bitcoins held less than three months has barely budged lately. /5 pic.twitter.com/fKpvbEhE89

— Jurrien Timmer (@TimmerFidelity) August 17, 2022

Tags: bitcoinbtcBTCUSDT
Tweet123Share196ShareSend
Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Related Posts

Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

14 hours ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

1 day ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

2 days ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

2 days ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

4 days ago
Bitcoin

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

4 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • As Bitcoin Transaction Fees Soar, DigiToads Presale...

    7 hours ago
  • Online Betting Decentralized: Chancer Announces P2P Betting...

    7 hours ago
  • Crypto Aficionados Turn to InQubeta (QUBE) Presale and Gmx...

    11 hours ago
  • Digital Financial Exchange (DIFX) Officially Unveils...

    11 hours ago
  • Hedera, VeChain and ApeCoin among the most lucrative...

    12 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.