Leading cryptocurrency Bitcoin (BTC) is stuck in a narrow range. Having been on a downward trend since reaching its ATH of $123,000 in mid-July, BTC has failed to break through resistance levels. While a major breakout isn't expected until September due to the historic summer slump, Capriole Investments founder Charles Edwards said Bitcoin's current price of $116,000 is below its fair value. Edwards, stating that Bitcoin is cheaper than its intended price, said that according to his company’s “energy value” metric, Bitcoin should currently be at $167,800. At this point, Edwards said Bitcoin is about 45% lower than the price it should be. “We are trading at a deeper discount to the $116,000 valuation today than when Bitcoin was at $10,000 in September 2020.” Accordingly, Bitcoin would need a 45% price increase to reach its fair value. *This is not investment advice. Continue Reading: Is Bitcoin Cheap or Expensive Right Now? Expert Explains and Shares BTC's Predictable Price Level!
