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Bitcoin, with its current price in the range of $85,000–$95,000, is considered by 70% of large investors to be undervalued, as the first cryptocurrency lags behind the dynamics of the stock market and precious metals, analysts at the American crypto exchange Coinbase reported.
The exchange conducted a survey in which only a quarter of large investors called the price of Bitcoin fair in the current market conditions. Another 4% of respondents declared the first cryptocurrency overvalued.
More than 60% said they have maintained or increased their investments in the digital asset since Bitcoin hit an all-time high in October – despite the market correction. 80% of respondents intend to either leave the current volume of investments in Bitcoin unchanged, or increase it even if the market declines by 10%.
54% of large investors believe that the crypto market is now either in an accumulation phase or within the boundaries of a bearish trend – periods that historically form the basis for the recovery of cryptocurrencies.
Despite continued uncertainty from monetary policymakers in the United States, American crypto exchange analysts expect that the Federal Reserve (Fed) may cut interest rates twice this year. Such a scenario could create favorable conditions for the growth of high-risk assets, including cryptocurrencies, Coinbase experts hope.
Earlier, cryptanalyst and founder of the MN Fund Michael Van De Poppe said: that the latest fall in Bitcoin has made it greatly undervalued compared to gold, which means a trend reversal may soon occur.
