Analyst claims Bitcoin’s worth has surpassed its peak as BTC price approaches the $70K threshold.

Bitcoin (BTC) has moved out of its “deep value” range as on-chain data indicates a significant shift in BTC price dynamics. Charles Edwards, the founder of quantitative Bitcoin and digital asset fund Capriole Investments, sees this as a “new chapter” for the market. While Bitcoin’s recent all-time highs may seem like a drastic change from its price action just months ago, on-chain analysis suggests that bulls have simply restored the balance. Edwards argues that Bitcoin, at around $70,000, is now “fairly priced” based on the energy used by miners to participate in the network. Capriole’s Bitcoin Energy Price metric supports this observation, marking the first time it has occurred since late 2020. Edwards describes this metric as Bitcoin’s intrinsic value determined solely by the energy input into the network. Other market indicators also point to higher BTC prices, including miners enjoying solid profit margins despite selling significant amounts of BTC. Edwards believes that those waiting for discounted buying opportunities have missed their chance, as Bitcoin’s deep value is no longer available. However, some remain concerned about a potential correction in BTC price, suggesting that all-time highs could trigger a prolonged downturn. Venturefounder, a contributor to the on-chain analytics platform CryptoQuant, suggests that BTC and ETH need to break their current highs definitively. He also mentions the upcoming decision on whether to allow spot Ether exchange-traded funds (ETFs) in the United States. If BTC and ETH fail to achieve new all-time highs in March, Venturefounder predicts that we may see more downside in April and May, leading up to the halving and ETH ETF approval. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.