According to analyst Will Clemente, the price of Bitcoin (BTC) is currently at significant bargain levels based on multiple under-the-radar on-chain metrics.
A High Demand Towards Bitcoin
During a new interview with Altcoin Daily, Clemente believes Bitcoin is in high demand among institutions on Coinbase, the biggest crypto exchange in the US.
“I would say from that sense, Bitcoin is definitely in an area of value, below $20,000. When we look at order books, we see kind of a confluence across multiple order books. One of the ones that we look most closely at is Coinbase spot,” Clemente said.
Clemente explained this is because Coinbase, which is a publicly traded company, has done a lot of work on the regulatory and compliance side, which is why many US-based institutions operate there.
“So a lot of these United States based firms feel more comfortable operating on Coinbase versus an overseas exchange like Binance or KuCoin or any of these other exchanges,” he said.
“When we look at Coinbase there is a very clear kind of pocket of bids from below $18,500 down to $11,000 to $12,000. And so what I’m saying here is there is a strong amount of demand for BTC sub $19,000,” he added.
BTC Price Undervalued According To Will Clemente
According to the analyst, BTC could drop to an “extremely undervalued” level in the event of a macro capitulatory event, but he expects it to be quickly purchased in the event it happens.
“And we also see a confluence of that on multiple other venues, in particular looking at spot venues. So that’s another reflection that value area for BTC sub $20,000. I would say it’s very undervalued instead of [at] fair value,” he said.
At the time of writing, Bitcoin is valued for $19,193 according to CoinMarketCap.