Further downside is expected, but multiple data points suggest Bitcoin is undervalued

Further downside is expected, but multiple data points suggest Bitcoin is undervalued


The outlook across the cryptocurrency ecosystem continue to dim as the sharp downtrend that was initially sparked by the collapse of Terra now appears to have claimed the Singapore-based crypto venture capital firm Three Arrows Capital (3AC) as its next victim. 

As large crypto projects and investment firms begin to collapse on a weekly basis, the prospect of a long, drawn out bear market is a reality investors are beginning to accept. 

Based on a recent Twitter poll conducted by market analyst and pseudonymous Twitter user Plan C,  41.6% of respondents indicated that they thought the Bitcoin (BTC) bottom will fall between the $17,000 to $20,000 range.

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Total Bitcoin supply in profit held by short-term holders. Source: TwitterAddresses holding at least 1 BTC hits a new high

In the midst

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