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Transcript:
0:00:00 Grayscale’s Bitcoin Premium Suggests BTC Still Overvalued at $10,400: Analyst
0:00:07 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:13 While Bitcoin is still not decidedly in an uptrend, it is doing a lot better than it was a bit earlier this week, when the cryptocurrency cratered to $9,500 in a massive -8% day.
0:00:25 One model, however, suggests that the pain isn’t over for the cryptocurrency market just yet.
0:00:30 Hold on to your hats!
0:00:32 As detailed heavily by NewsBTC, Bitcoin hasn’t had the best of weeks.
0:00:37 At one point, back when Bitcoin found itself in and around $9,500, price trackers suggested that the cryptocurrency had shed 20% in a matter of seven days.
0:00:48 But the pain might just get worse.
0:00:50 Timothy Peterson, an industry fund manager and cryptocurrency analyst, recently published the below model on Twitter that relates the premium of Grayscale’s Bitcoin Trust shares to the value of BTC.
0:01:02 For those unaware, Grayscale’s product trades on over-the-counter markets, but often at a premium to the actual value of the BTC backing a share.
0:01:10 Peterson’s model predicts shows that ever since the start of the year, the higher the premium for GBTC over Bitcoin spot, the higher the spot price of BTC headed.
0:01:20 With the premium currently tapering off per his analysis, Bitcoin is currently “overvalued and should between $8,000 and $10,000”.
0:01:28 This lines up with a number of analyses from leading crypto traders, who suggest that Bitcoin is likely to grace the $8,000 range in the coming days.
0:01:37 Per previous reports from NewsBTC, Financial Survivalism recently argued that his target of $8,775 is “looking good, citing the clear bear flag being exhibited on BTC’s short-term chart.
0:01:50 Thanks for watching this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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