BTC prices have retreated back below $70,000 during Wednesday morning’s Asian trading session but markets are not overbought yet, according to analyst James Check.
“Right now, using a variety of volume metrics as the input, BTC prices appear to be right in line with the fundamentals,” he said in a newsletter on May 21.
Moreover, the market looks like it did in late-2020, he added.
In early December 2020, BTC prices rose to reclaim its 2017 all-time high of $20,000. It consolidated around this level for a couple of weeks before surging to a new peak of $30,000 by New Year’s Day.
The #Bitcoin NVT Price models are a sort of fair value model, imputing a price based on transaction throughput.
Right now, using a variety of volume metrics as the input, $BTC prices appear to be