CryptoQuant analyst MAC_D, in a new report, stated that the leading coin Bitcoin [BTC], is not undervalued in the current market, and its price might decline further into 2023.
According to MAC_D, an assessment of some on-chain indicators such as market-value-to-realized-value (MVRV), Net Unrealized Profit/Loss (NUPL), Puell Multiple, and Spent Output Profit Ratio (SOPR) showed that BTC had reached an undervalued level. However, with these metrics, it was hard to determine the specific timing for purchasing BTC.
Taking a cue from an earlier position made by another CryptoQuant analyst Lupin, MAC_D found that using BTC’s UTXO in profit and loss indicators would accurately indicate whether the king coin was undervalued or not.
According to Lupin, historically, when UTXO in profit and loss indicators crossed, it marked the bottom of the market during the past three BTC halvings.
Currently, however, this indicator has not yet shown a cross, indicating that BTC may still have room to fall, MAC_D opined.
All Comments