Bitcoin rare indicator suggests something about BTC current price action, here it is $BTC
Similar in concept to a PE Ratio, except instead of stock earnings, the Bitcoin Yardstick estimates the ratio of energy work done to secure the Bitcoin network in relation to price.According to a chart presented by Edwards, the current readings are low - similar to those of 2019.
This implies that, on a relative basis, Bitcoin is extraordinarily cheap given the amount of energy being used on what is the most powerful computer network in the world. Concerning price, this might suggest Bitcoin is undervalued., Charles Edwards hinted that January might have marked the start of the bull run for Bitcoin.
He says this might have marked a major turning point, the start of a new regime, but it will not be a straight line upward:"Early bull markets can be somewhat boring and slow moving. Don’t expect the fireworks of January to be consistent throughout the year; it may well be a grind, and there will be pullbacks.
At the time of writing, the leading cryptocurrency by market value was marginally up in the last 24 hours at $28,444 as bulls stepped in to quickly buy the dip.
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