Bitcoin is undervalued as price consolidated around $26k
Bitcoin (BTC) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is undervalued . According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s price is currently undervalued at this point. Even when traders are praying that markets fall so they can get discounted #Bitcoin, many feel second thoughts when presented with the actual opportunity to #buythedip. Our latest insight covers the sentiment shift as a result of last week's drop. https://t.co/bJs0KLd7d1 pic.twitter.com/9wxJB4RI5A — Santiment (@santimentfeed) August 22, 2023 Buy the dip? On the other hand, the social volume for the term “buy the dip” has dropped significantly after it skyrocketed last week. Per Santiment, the optimism for a “quick market recovery” has faded. You might also like: SpaceX’s Bitcoin dump tri...