BTC<\/a>) is currently at significant bargain levels according to multiple under-the-radar on-chain metrics, according to analyst Will Clemente.<\/p>\nIn a new interview with Altcoin Daily, Clemente says he sees a strong amount of institutional demand for Bitcoin on Coinbase, the US\u2019 largest crypto exchange.<\/p>\n
\u201cI would say from that sense, Bitcoin is definitely in an area of value, below $20,000. When we look at order books, we see kind of a confluence across multiple order books. One of the ones that we look most closely at is Coinbase spot. The reasoning behind that is because that\u2019s where a lot of these US-based institutions operate because Coinbase has done a lot of work on the compliance side and regulatory side and they\u2019re a publicly traded company. So a lot of these United States based firms feel more comfortable operating on Coinbase versus an overseas exchange like Binance or KuCoin or any of these other exchanges\u2026\u00a0<\/em><\/p>\nWhen we look at Coinbase there is a very clear kind of pocket of bids from below $18,500 down to $11,000 to $12,000. And so what I\u2019m saying here is there is a strong amount of demand for BTC sub $19,000. And we also see a confluence of that on multiple other venues, in particular looking at spot venues. So that\u2019s another reflection that value area for BTC sub $20,000\u2026\u00a0<\/em><\/p>\nI would say it\u2019s very undervalued instead of [at] fair value.\u201d<\/em><\/p>\nThe analyst says that a macro capitulatory event could push BTC from current prices into \u201cextreme undervalued\u201d territory, but he expects such price movement to be bought up very quickly in the event it occurs.<\/p>\n
At time of writing, Bitcoin is trading at $19,104.<\/p>\n