Chris Burniske provides bullish on-chain insight on Bitcoin, here’s what you should know
Chris Burniske, former head of crypto at ARK Invest, shares his idea On the value of bitcoin right now, giving a pretty bullish assessment of it. The analyst added that BTC is now an extremely undervalued asset based on his thesis that on-chain indicators remain in deep price territory.
One of the most eloquent indicators of BTC’s extreme undervaluation is the realized price. According to it, the cryptocurrency market’s price is now $3,900 below what could be considered the cost-basis of the market.
Net Unrealized Profit/Loss (NUPL) is another notable indicator that incorporates market and realized prices. already below zero ftx crash, indicating that the market was in a capitulation phase, it rolled into huge unconscionable losses after the recent decline. The last time the index fell this low was in December 2018, when the BTC price hit the $3,200 level.
Bitcoin (BTC) price action
Having broken the bottom in both on-chain metrics and its price in the current crypto market cycle, Bitcoin is once again exhibiting a weakly volatile trading dynamic. In the last few days since the FTX collapse, BTC has not moved more than $300 per day. That said, the cryptocurrency continues to hold above the $16,500-$15,500 zone, which is a good sign.
