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The analyst assessed the fair value of bitcoin at $167,800
The fair value of Bitcoin is $167,800, believes Capriole Investments founder Charles Edwards. According to his calculations, the asset is trading 45% below its "energy value" level.
The researcher uses the Energy Value metric, which his company developed in 2019. It determines the fair value of Bitcoin as a function of the amount of energy expended, the rate of growth in supply, and a constant coefficient reflecting its value in dollars.
According to Glassnode, the hash rate of the first cryptocurrency network reached a record level of 1.031 ZH/s. The high computing power confirms the activity of miners.
He added that this indicates a 31% price discount relative to the average value. Edwards emphasized that the current discount at a price of $116,000 is more significant than it was in September 2020, when Bitcoin was priced at $10,000.
According to the Capriole theory, rising prices encourage miners to increase their investments. This raises the hash rate and, consequently, the "energy value" of Bitcoin.
However, if the market value grows solely due to speculation without a corresponding increase in energy costs, historically it has always returned to the level of its "energy value."
Let us remind you that in July, the analyst from CryptoQuant under the pseudonym Yonsei_dent noted that Bitcoin could reach the peak of the current cycle at the end of August.
Later, an expert under the nickname CryptoBullet stated that there are only three months left until the end of the bullish phase of the first cryptocurrency. He came to this conclusion based on post-halving patterns.