$20,000 is no longer supported.
$100,000 didn’t happen.
There are 562 days left before the Bitcoin halving.
The bears simply refuse to loosen their grip on the market, and the Federal Reserve’s policy of raising interest rates and quantitative tightening is adding fuel to the fire.
Despite these issues, on Sept. 15 on Twitter Space hosted by , Capriole Fund founder Charles Edwards explained why he remains bullish on bitcoin.
Edwards said that several indicators on the network suggest that BTC is undervalued:
“I see an incredible deep value, and I kind of call it trifecta, and that there are three positive things going on in my head. The first is the cycle time between the second and third years, which has historically been the bottom of all Bitcoin cycles. Second, we hit 90% of regular cycle draws. Now, obviously, all of these things can drop lower, but that in and of itself is a good signal of value. And then thirdly, just the readings of just about every metric on the chain, whether it’s the Mayer Multiple, whether it’s the Puell Multiple, or NVT, or inactivity, they’re all at the one-in-four-year discount level. So for me it’s kind of a once in a cycle opportunity that we’re seeing right now.”
When asked about his thoughts on the previous bitcoin halving and how the current economic situation could affect the next halving, Edwards said:
“I think it was successful because it made Bitcoin one of the hardest assets in the world in the midst of massive money printing. And we’ve actually seen a lot of traditional old school financiers, legendary investors, Druckenmiller, etc. sort of get into Bitcoin because of this, as it’s more or less a kind of hedging. And that triggered the next 6-12 months of rallying. I also think that the crypto industry is still running on a Bitcoin cycle timeframe that is halving. At the moment. I don’t think they will last forever, but for now I still think it has weight and impact on how people invest in space. With each successive halving, the increase in inflation for bitcoin is negligible because it is already – with the exception of Ethereum – now the hardest asset, or harder than gold.”
2022 has proven that risk management and building a balanced portfolio are still skills that crypto investors are working on. Edwards said:
“Whatever your method, how you trade or invest, whether or not you use stop losses as a strategy. You need to do detailed modeling on as much data as possible, not just two years of data, because that’s how entity explosions have happened in the past. Do as much as you can, like 10 years of Bitcoin at least, and assume the worst, then add a buffer element below that again to manage your position size.”
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