This Key Data Metric Shows Bitcoin is “Significantly Undervalued” at Current Price Levels

As reported on NewsBTC, “2020 has been a turbulent year for Bitcoin and the aggregated cryptocurrency market, with the benchmark digital asset rallying to highs of $10,500 before facing a massive selloff that led its price to crater to lows of roughly $3,800.

“This capitulatory selloff has been followed by an intense rebound over the past few days, which has been further extended today as the crypto raced to highs of $6,900.

“Now, one key data metric is suggesting that Bitcoin is highly undervalued despite its rebound from its recent lows, which may signal that the crypto has significantly further room to climb in the days and weeks ahead.

“At the time of writing, Bitcoin is trading up marginally at its current price of $6,200, which marks a slight climb from daily lows of $5,900, but a notable decline from highs of $6,900 that were set at the peak of this movement.

“Although BTC has been able to buck the firm downtrend seen in the traditional markets over the past couple of days, the strength of its recent uptrend is unclear, and it still seems as though it may be prone to seeing further downside…”

Continue to read the full report on NewsBTC.