Bitcoin is undervalued according to analysts
Despite the current price of the main cryptocurrency below the 4 thousand dollars specialists in economics foresee a speedy recovery
The price of bitcoin follows the downward trend, which leads to think that the cryptocurrency has no future in the global financial market. Nonetheless, analysts point out that there is still hope that the asset retraces because it is currently undervalued.
Beyond the fluctuation of prices that has been experienced in recent months and weeks, cryptocurrencies are not yet depleted. This is highlighted by Thomas Lee, head of research at Fundstrat Global Advisors, who predicted at the time an increase in the price of Bitcoin to $ 25,000.
Lee also stated: “The fair value is significantly higher than the current price of bitcoin. In fact, working the other way around, to solve BTC’s current price, cryptographic wallets should fall to 17 million of the current 50 million.”
According to the researcher, one of the key aspects for the price of the asset to rise in 2019 is its acceptance and adoption by users. It clarifies that the current scenario does not reflect the real price of bitcoin.
It is important to remember that the dynamics of the market is governed by the increase in the use of cryptocurrencies as a means of payment. This is the key to bitcoin’s bullish run.
M.Pino
Source: Bitcoin.es
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