Has Bitcoin found its true value and is rebuilding?

Bitcoin price analysis on June 11, 2019

Bitcoin (BTC) has rebounded above the price of over $ 6,000 in recent days, sometimes surpassing the $ 6,600 mark. A rebound brought $ 1,000 worth of Bitcoin in less than 24 hours.

Many leading cryptocurrency assets have also enjoyed double-digit growth such as Ethereum, Bitcoin Cash, Bitcoin SV, EOS, Binance Coin and Tezos. Of course, this is not unusual as they often bounce back after having plummeted.

Stock and commodity markets meanwhile remain immobile or go down when Bitcoin prices take decisive actions. Currently, the BTC / USD pair is trading at $ 6,237, up slightly to $ 3.19 in 24 hours.

There are no bailouts for Bitcoin

Analysts and proponents of the stock to flow model argue that the system has become transparent and clear with the recent BTC liquidity.

According to this analyst, Bitcoin is not the same with traditional financial systems without subsidy packages. It also doesn't have a face-off tool to stop losses like the stock markets, nor does it have financial stimulus solutions for the digital economy.

Reset Bitcoin price

It is also possible that the Bitcoin price is only resetting its true market value after a push to 50% in the first months of the year.

Metcalfe's law is a way to evaluate the fair value of a network and it can also be applied to Bitcoin. According to a report last year by Charles Edwards at the Capriole digital asset management fund, BTC has been overestimated over the years.

Its fair value may even be lower than the current price. And in the next few days it will be important to form new levels of support and resistance following the collapse last week.

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According to BeInCrypto
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Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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