NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin And Ethereum Post Worst Start To A Year On Record: Fortune

Grayscale’s Bitcoin Premium Suggests BTC Still Overvalued at $10,400: Analyst

Nick Chong
Nick Chong
Last Updated: June 11, 2024 1:24 pm
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

While Bitcoin (BTC) is still not decidedly in an uptrend, it is doing a lot better than it was a bit earlier this week, when the cryptocurrency cratered to $9,500 in a massive -8% day. One model, however, suggests that the pain isn’t over for the cryptocurrency market just yet.

Hold on to your hats!

Related Reading: Bitcoin Space Reacts to Bakkt’s September Launch Date Reveal

Bitcoin Still Overvalued, Model Suggests

As detailed heavily by NewsBTC, Bitcoin hasn’t had the best of weeks. At one point, back when Bitcoin found itself in and around $9,500, price trackers suggested that the cryptocurrency had shed 20% in a matter of seven days.

But the pain might just get worse. Timothy Peterson, an industry fund manager and cryptocurrency analyst, recently published the below model on Twitter that relates the premium of Grayscale’s Bitcoin Trust shares (GBTC) to the value of BTC.

Investors in $GBTC think #bitcoin is still overvalued and should trade between $8k-$10k. pic.twitter.com/TzrTnKtVUF

— Timothy Peterson, CFA CAIA (@nsquaredcrypto) August 18, 2019

For those unaware, Grayscale’s product trades on over-the-counter markets, but often at a premium to the actual value of the BTC backing a share.

Related Reading: Analyst Claims Almost 3,500 Successful Hacks on Non-Crypto Companies in 2019

Peterson’s model predicts shows that ever since the start of the year, the higher the premium for GBTC over Bitcoin spot, the higher the spot price of BTC headed. With the premium currently tapering off per his analysis, Bitcoin is currently “overvalued and should [be trading] between $8,000 and $10,000”.

This lines up with a number of analyses from leading crypto traders, who suggest that Bitcoin is likely to grace the $8,000 range in the coming days. Per previous reports from NewsBTC, Financial Survivalism recently argued that his target of $8,775 is  “looking good, citing the clear bear flag being exhibited on BTC’s short-term chart.

Survivalism adds that there has also been a short-term “death cross” of certain moving averages, strongly implying a further move lower in the coming days.

$8,775 target is still looking good. $BTC #Bitcoin pic.twitter.com/FfyXPyGTWS

— Tyler Coates (@Sawcruhteez) August 18, 2019

The analyst first mentioned this target last week, when he claimed that with buy pressure decreasing and sell pressure increasing, he believes that Bitcoin will fall over the coming week to touch the bottom band of a short-term price channel.

Featured Image from Shutterstock
Tweet123Share235ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Liquidity Battles Heat Up As Demand Shows First Positive Print

Bitcoin remains range-bound as liquidity clears on both sides, keeping price action indecisive. After months of weakness, demand has finally...

Godspower Owie 7 hours ago

바이럴 원숭이 밈코인 펀치(PUNCH) 급등… 차세대 밈코인으로 맥시 도지(MAXI) 프리세일 주목

솔라나(Solana) 기반 밈코인 PUNCH가 주요 암호화폐 거래소 상장 소식 이후 가격이 80% 이상 급등하며 약세장 속에서 이례적인 반등을 기록했다. 펀치 코인(PUNCH)은 ...

Yeom Jisun 10 hours ago
AI 제미니가 고른 2026년 유망 알트코인… 맥시 도지(MAXI) 최대 ROI 후보

AI 제미니가 선택한 2026년 유망 알트코인… 맥시 도지(MAXI) 최대 ROI 후보

암호화폐 시장이 4개월 연속 급락 이후 조정 국면에 진입하면서, 인공지능(AI)은 이제 트레이더들에게 사실상 필수 도구로 자리 잡고 있다. 구글의 제미니(Gemini), 오픈AI의...

Yeom Jisun 10 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Market Resets With 28% Deleveraging — What Next?

Opeyemi Sule 1 hour ago
Ethereum

Ethereum Price Looks Bullish, But Only On The Inverted Chart

Godspower Owie 3 hours ago
Bitcoin

Bitcoin Whale Profit-Taking Sees 7th Surge Since 2024 — What To Expect

Opeyemi Sule 5 hours ago

Premium Sponsors

Press Releases

  • CreditBlockchain

    CreditBlockchain cloud mining helps users earn up to 0.078...

    3 weeks ago
  • モネロが686ドルで史上最高値を更新、時価総額トップ11入り──1月に注目のアルトコインは?

    ...

    1 month ago
  • ChatGPTが分析:2026年の仮想通貨 1000倍候補はどれか

    ChatGPTが分析:2026年の仮想通貨...

    1 month ago
  • 新しい仮想通貨:2026年に注目すべき3銘柄、次に急騰するコインはどれか

    ...

    1 month ago
  • ドージコイン 今後:ミームコイン市場に投機売買が再び戻る

    ドージコイン...

    1 month ago

Newsletter

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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 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.