Presto Research: The recent market is dominated by macro factors, and BTC is severely undervalued

2024-09-09 13:51:34

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ChainCatcher news reports that the market suddenly dropped after the Friday employment report was released, with over $220 million in cryptocurrency long positions being liquidated. Presto Research analysts Peter Chung and Min Jung stated in today's report, "Bitcoin is severely undervalued, and recent macro factors have dominated the price discussion of BTC, while the market has overlooked one of the key fundamentals supporting Bitcoin's value—network security." "Hashrate has reached a historic high of 679 EH/s, making it the most secure network to date."

They added, "If you believe this trend will continue (in fact, the emergence of spot ETFs means our environment is much better than ever), then BTC currently seems to be severely undervalued."

Metalpha senior analyst Lucy Hu stated, "It seems that the lower-than-expected employment data is currently dominating market sentiment, as broad assets have declined since the data was released on Friday." "We expect the cryptocurrency market to remain highly volatile before the next Federal Reserve meeting."

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