$20,000 is no longer support.
$100,000 didn’t happen.
The Bitcoin halving is 562 days away.
Bears simply refuse to release their vice grip on the market and the Federal Reserve’s policy of interest rate hikes and quantitative tightening is adding fuel to the fire.
Despite these challenges, in a Sept. 15 Twitter Space hosted by Cointelegraph, Capriole Fund founder Charles Edwards explained why he is still bullish on Bitcoin.
Edwards said that several on-chain metrics suggest that BTC is undervalued:
“I see incredible deep value and I kind of call it a trifecta and that we have three positive things happening in my mind. One is cycle timing, where between years two and three, which historically has been where all of the Bitcoin cycles are bottomed. The second is that we’ve hit 90% of normal cycle down draws. Now, obviously, all of these things can go lower, but that alone is a bit of a good value signal. And then thirdly, just the readings across pretty much all on-chain metrics, whether it be Mayer Multiple, whether it be Puell Multiple, or NVT or dormancy, everything is at kind of one in four year level discounts. So for me, it’s kind of that once a cycle opportunity that we see at the moment.”
When asked about his thoughts on the previous Bitcoin halving and how the current economic environment might impact the next halving, Edwards said:
“I think it was successful because it placed Bitcoin as one of the hardest assets in the world in the midst of massive monetary printing. And we did see a lot of the old school traditional finance, legendary investors, Druckenmiller, etc. kind of get into Bitcoin because of that as it’s kind of a hedge more or less. And that kind of triggered the next 6 to 12 months of rallying. I also think that the crypto industry still does run on the Bitcoin halving cycle kind of time frame. For now. I don’t think they will continue forever, but for now I do still think it holds weight and impact in how people invest in the space….
