TLDR:Bloomberg Intelligence senior commodity strategist Mike McGlone stated that Bitcoin trades at a substantial discount. Bitcoin is currently trading at $23,203.64, according to CoinGecko, a %66.4 drop from its all-time high. According to McGlone, a senior commodity strategist at Bloomberg Intelligence, Bitcoin and other cryptocurrencies are trading at a significant discount. White’s opinion is that Bitcoin is not only oversold, but it is hovering in the accumulation phase at present. If you look at Bitcoin’s Market Value to Realized Value, or MVRV, we see it around one, which suggests the market value of this asset has fallen to its actual utility value,” White noted for Forbes.

Source: Forbes August 06, 2022 22:59 UTC