Analyst Will Clemente was recently interviewed by Altcoin Daily. He talked about bitcoin (BTC) price hovering around $19,000 for a while. According to Will Clemente, this price indicates an abnormal situation. Find out what it is.
Bitcoin (BTC): strong demand and undervaluation
According to a publication from Daily Hodl on October 16, analyst Will Clemente said that bitcoin (BTC) is undervalued. Will claimed that he has observed strong demand for BTC from institutions on the Coinbase crypto exchange. Moreover, several on-chain metrics have indicated that the flagship cryptocurrency is at significant bargain levels.
Will Clemente said: I would say from that perspective, bitcoin is definitely in a value zone, below $20,000. When we look at the order books, we see a sort of confluence across multiple order books. One of the ones we are looking at more closely is the Coinbase spot. “.
The analyst pointed out that bitcoin (BTC) “ is very undervalued compared to its actual value. He added that a macro-capitulative event could cause the price of crypto to become “ extremely undervalued “. However, Will Clemente believes that such a price move could be redeemed very quickly after it occurs.
Coinbase would be the preferred exchange for American institutions
According to the crypto analyst, if the Coinbase exchange is the most considered, it is because it has many institutions based in the United States among its customers. Institutions prefer it because it has invested a lot in terms of compliance and regulation. Additionally, the Coinbase exchange is a publicly traded company. For all these reasons, many companies in the United States prefer Coinbase to foreign exchanges like Binance and KuCoin.
” When we look at Coinbase, there is a very clear sort of pocket of offers starting from under $18,500 all the way up to $11,000 to $12,000. And so what I’m saying here is that there is a strong demand for BTC under $19,000. And we also see a confluence of this demand on many other platforms, especially on spot sites. So that’s another reflection of that area of value for BTC below $20,000 “, explained Will Clemente.
For analyst Will Clemente, it is obvious that bitcoin (BTC) is currently undervalued. He adds that the situation could get worse. However, the value of the crypto can be expected to recover more or less right after an extreme undervaluation.
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