An expert has a strong claim towards Bitcoin, the King of Cryptocurrency, so far.
The said expert claim that Bitcoin is the undervalued crypto to watch for.
According to Brian Kelly, BITCOIN may no longer be the leading coin of the cryptocurrency world as rival ethereum’s undervalued position means it could be primed to take the lead.
Speaking to CNBC, the CEO of BKCM LLC said bitcoin’s rival ethereum is the cryptocurrency to watch after a detailed analysis of the asset’s progress since May 2017.
“Back in May, you had this big undervalued examination versus the fair value,” Kelly said.
“Back in December, you had a massive overvaluation'” he added.
“So where are we now? Ethereum down at the $400 level-ish is actually the most undervalued of the two big coins'” the expert explained.
“So, ethereum right now trading at about $400, fair value is about $485, much more upside than this, “I’ve got technical support, I’ve got an undervalued asset. If there’s a crypto I want to buy, it’s this one right here.”
Meanwhile, Bitcoin price, seems to have slowly recovered from a week of losses.
Against odds that seemed to be stacked against the cryptocurrency, bitcoin has managed to reach some respite and register a recovery after a week of devastating losses.
Having dipped to as low as $6,000 per token late last week, bitcoin is currently trading at $7,100 as of 12pm on April 2, noting a 5.23 percent bump from yesterday.
The cryptocurrency market was waiting with bated breath as the coin dipped perilously close to the so-called “death-cross” technical indicator.
Put simply, a death cross is when a asset’s 50-day moving average (MA), crosses over its 200-day MA, usually resulting in a capitulation in the assets.
Bitcoin has tempted fate on several occasions before, but the oversold conditions seem to have allowed bitcoin to get back on its feet.
The crypto-coins’ recovery is more-or-less in line with its historic patterns, which show bitcoin tends to recover and regain poise every time the relative strength index (RSI) falls below 30.00.
Last month, Bank of England Governor Mark Carney launched a scathing attack on cryptocurrencies and demanded they be held to the “same standards as the rest of the financial system”.