{"id":425793,"date":"2020-06-01T20:00:04","date_gmt":"2020-06-01T20:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=425793"},"modified":"2020-06-01T15:53:19","modified_gmt":"2020-06-01T15:53:19","slug":"bitcoin-energy-value-overpriced-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-energy-value-overpriced-crypto\/","title":{"rendered":"Bitcoin Is Overpriced According Energy Value For First Time Since September 2019"},"content":{"rendered":"<p><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> just reached overvalued status for the first time since September 2019, according to the asset&#8217;s Energy Value indicator. While this may sound like a negative thing, after this indicator has bottomed out in the past after each halving, it has spiked upward along with the asset&#8217;s price until they each top out once again.<\/p>\n<p>It also marked the last major correction prior to the bull market officially beginning.<\/p>\n<h2>Bitcoin Reaches Overpriced Levels According To Energy Value<\/h2>\n<p>Bitcoin is the first-ever cryptocurrency to exist.<\/p>\n<p>While other attempts to create a useable form of digital cash were unable to get their footing and solve many of the complex issues these new-age assets faced, <a href=\"https:\/\/wncen.com\/2020\/05\/20\/who-is-satoshi-bitcoin-transaction\/\">Satoshi Nakamoto<\/a> got around those challenges by tying the asset&#8217;s underlying protocol to a process called mining.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/05\/30\/bitcoin-smart-money-indicator-high\/\">Bitcoin \u2018Smart Money Indicator\u2019 Revisits All-Time High, What\u2019s Next?<\/a><\/strong><\/em><\/p>\n<p>Miners pay high energy costs in order to run computer resources specially designed to solve mathematical equations that validate each block of data and add it to Bitcoin&#8217;s blockchain for all to see.<\/p>\n<p>Transparency, decentralization, scarcity, and trust are key elements to the cryptocurrency&#8217;s design.<\/p>\n<p>Because the asset has so many unique elements to consider, <a href=\"https:\/\/wncen.com\/2020\/05\/27\/bitcoin-puell-multiple-indicator-btc\/\">unusual valuation methods have been developed<\/a> to gauge the fundamental health of the asset.<\/p>\n<p>These tools include valuation models based on the asset&#8217;s digital scarcity, hash rates, or <a href=\"https:\/\/wncen.com\/2020\/03\/16\/bitcoin-trades-below-production-cost-miners-are-better-off-buying\/\">cost of production<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin overvalued for first time since September 2019 per Energy Value.<\/p>\n<p>Good news? <\/p>\n<p>When EV bottoms and trends up, it is often a BIG up trend. Particularly after halving. <\/p>\n<p>We are already getting signs of daily EV greater than price. If this continues, expect fast recovery. <a href=\"https:\/\/t.co\/lEU0n8knmM\" rel=\"nofollow\">pic.twitter.com\/lEU0n8knmM<\/a><\/p>\n<p>&mdash; Charles Edwards (@caprioleio) <a href=\"https:\/\/twitter.com\/caprioleio\/status\/89781504?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 1, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Another tool, that analyzes Bitcoin&#8217;s energy value, has just indicated that <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has become overvalued, according to the asset&#8217;s Energy Value.<\/p>\n<p>While this may sound like an ominous prediction that a crash will bring valuations back to reality, in the past its caused the opposite reaction after an initial correction.<\/p>\n<h2>Any Post-Halving Crash Could Be The Last Retest To Confirm Support Before New Crypto Uptrend<\/h2>\n<p>Bitcoin&#8217;s halving came and went, and oddly, not much as changed. No significant bull run has taken place, and the <a href=\"https:\/\/wncen.com\/2020\/05\/12\/financial-analysts-are-divided-on-what-to-expect-from-the-bitcoin-halving\/\">post-halving sell0ff that crypto investors were fearing<\/a>, has yet to occur.<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/script\/euTwi6wu-Bitcoin-Energy-Value-Oscillator\/\" target=\"_blank\" rel=\"noopener nofollow\">The asset&#8217;s Energy Valu<\/a>e suggests that the first-ever cryptocurrency isn&#8217;t yet out of the woods in terms of experiencing a post-halving collapse.<\/p>\n<p>However, this tool signaling that the asset is overpriced compared to Energy Value has in the past given Bitcoin the boost it needs to actually embark on a new uptrend.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-425840\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/bitcoin-energy-value-crypto.png?resize=860%2C412\" alt=\"bitcoin energy value crypto\" width=\"860\" height=\"412\"><\/p>\n<p>When looking at the previous block reward halving, Energy Value plummeted signaling that Bitcoin was now overpriced.<\/p>\n<p>Price followed briefly, but after that crossunder, it didn&#8217;t cross back over until May 2018. At that point, over two years of an uptrend had come to an end and two years of downtrend was just beginning.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-425841\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/bitcoin-price-energy-value-crypto.png?resize=860%2C412\" alt=\"bitcoin energy value crypto\" width=\"860\" height=\"412\"><\/p>\n<p>Now that the asset&#8217;s price is crossing back under Energy Value once again, even if there&#8217;s another post-halving correction, it could be the last buying opportunity before the next bull market officially begins.<\/p>\n<p>Compared to the last cycle, <a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> took approximately eight days to cross through Energy Value. This time around, it&#8217;s taken 17 days.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2020\/05\/26\/bitcoin-miner-hash-rate-black-thursday\/\">BTC Hash Rate Falls Lower Than Black Thursday, More Severe Selloff Incoming?<\/a><\/strong><\/em><\/p>\n<p>The <a href=\"https:\/\/wncen.com\/2020\/05\/25\/bitcoin-halving-hash-ribbons-miner\/\">post halving crash that everyone has been waiting for<\/a>, didn&#8217;t take place until after the Energy Value drop happened. This crash happened 22 days following the halving.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-425842\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/Bitcoin-price-crypto-energy-value.png?resize=860%2C412\" alt=\"bitcoin energy value crypto\" width=\"860\" height=\"412\"><\/p>\n<p>If timing lines up once again, another crash could happen in roughly 5 days. Coincidentally, a weekly sell signal has appeared on Bitcoin price charts and the <a href=\"https:\/\/wncen.com\/2020\/05\/25\/bitcoin-halving-hash-ribbons-miner\/\">hash ribbons point to miner capitulation starting<\/a>. The two factors would coincide with what the data suggests for timing.<\/p>\n<p>When <a href=\"https:\/\/wncen.com\/2020\/05\/25\/bitcoin-halving-hash-ribbons-miner\/\">the crash did arrive<\/a>, it set the leading cryptocurrency by market cap back by 27% in total. Another 27% drop this time around, would bring Bitcoin back to roughly $7,000.<\/p>\n<p>$7,000, has acted as the point of control for the majority of the last two and a half years of price action. This final drop to retest the point of control could be the last confirmation ever that a new cryptocurrency bull run is here.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price just reached overvalued status for the first time since September 2019, according to the asset&#8217;s Energy Value indicator. While this may sound like a negative thing, after this indicator has bottomed out in the past after each halving, it has spiked upward along with the asset&#8217;s price until they each top out once again. It also marked the last major correction prior to the bull market officially beginning. Bitcoin Reaches Overpriced Levels According To Energy Value Bitcoin is the first-ever cryptocurrency to exist. While other attempts to create a useable form of digital cash were unable to get their footing and solve many of the complex issues these new-age assets faced, Satoshi Nakamoto got around those challenges by tying the asset&#8217;s underlying protocol to a process called mining. Related Reading | Bitcoin \u2018Smart Money Indicator\u2019 Revisits All-Time High, What\u2019s Next? Miners pay high energy costs in order to run computer resources specially designed to solve mathematical equations that validate each block of data and add it to Bitcoin&#8217;s blockchain for all to see. Transparency, decentralization, scarcity, and trust are key elements to the cryptocurrency&#8217;s design. Because the asset has so many unique elements to consider, unusual valuation methods have been developed to gauge the fundamental health of the asset. These tools include valuation models based on the asset&#8217;s digital scarcity, hash rates, or cost of production. Bitcoin overvalued for first time since September 2019 per Energy Value. Good news? When EV bottoms and trends up, it is often a BIG up trend. Particularly after halving. We are already getting signs of daily EV greater than price. If this continues, expect fast recovery. pic.twitter.com\/lEU0n8knmM &mdash; Charles Edwards (@caprioleio) June 1, 2020 Another tool, that analyzes Bitcoin&#8217;s energy value, has just indicated that Bitcoin price has become overvalued, according to the asset&#8217;s Energy Value. While this may sound like an ominous prediction that a crash will bring valuations back to reality, in the past its caused the opposite reaction after an initial correction. Any Post-Halving Crash Could Be The Last Retest To Confirm Support Before New Crypto Uptrend Bitcoin&#8217;s halving came and went, and oddly, not much as changed. No significant bull run has taken place, and the post-halving sell0ff that crypto investors were fearing, has yet to occur. The asset&#8217;s Energy Value suggests that the first-ever cryptocurrency isn&#8217;t yet out of the woods in terms of experiencing a post-halving collapse. However, this tool signaling that the asset is overpriced compared to Energy Value has in the past given Bitcoin the boost it needs to actually embark on a new uptrend. When looking at the previous block reward halving, Energy Value plummeted signaling that Bitcoin was now overpriced. Price followed briefly, but after that crossunder, it didn&#8217;t cross back over until May 2018. At that point, over two years of an uptrend had come to an end and two years of downtrend was just beginning. Now that the asset&#8217;s price is crossing back under Energy Value once again, even if there&#8217;s another post-halving correction, it could be the last buying opportunity before the next bull market officially begins. Compared to the last cycle, Bitcoin price took approximately eight days to cross through Energy Value. This time around, it&#8217;s taken 17 days. Related Reading | BTC Hash Rate Falls Lower Than Black Thursday, More Severe Selloff Incoming? The post halving crash that everyone has been waiting for, didn&#8217;t take place until after the Energy Value drop happened. This crash happened 22 days following the halving. If timing lines up once again, another crash could happen in roughly 5 days. Coincidentally, a weekly sell signal has appeared on Bitcoin price charts and the hash ribbons point to miner capitulation starting. The two factors would coincide with what the data suggests for timing. When the crash did arrive, it set the leading cryptocurrency by market cap back by 27% in total. Another 27% drop this time around, would bring Bitcoin back to roughly $7,000. $7,000, has acted as the point of control for the majority of the last two and a half years of price action. This final drop to retest the point of control could be the last confirmation ever that a new cryptocurrency bull run is here.<\/p>\n","protected":false},"author":517,"featured_media":425796,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[],"class_list":["post-425793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Is Overpriced According Energy Value For First Time Since September 2019<\/title>\n<meta name=\"description\" content=\"Bitcoin price just reached overvalued status for the first time since September 2019, according to the asset&#039;s Energy Value indicator. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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