If we go by the Bitcoin Yardstick, Bitcoin is now at its second lowest level in history

New Bitcoin Yardstick metric says $20K BTC now ‘extraordinarily cheap’

“The Bitcoin Yardstick measures the ratio of Bitcoin market cap to hash rate — two fundamental metrics which, when compared to one another, offer key price insights.

As Edwards explains, the lower the value, the ‘cheaper’ Bitcoin is — more hash rate is being applied to secure low-priced coins.

While he cautions that it is ‘not investment advice,’ this has implications for would-be buyers — much of the unrealized value lies in the amount of work done to secure the Bitcoin supply during price suppression.

Currently, the Bitcoin network hash rate is near all-time highs, while the price is down around 75% from its last all-time highs seen in November 2021.

‘Today we are seeing the second lowest reading for the Bitcoin Yardstick in all of Bitcoin’s history,’ Edwards commented:

‘This means that on a relative basis, Bitcoin is extraordinarily cheap given the amount of energy being used on what is the most powerful computer network in the world.’”

https://cointelegraph.com/news/new-bitcoin-yardstick-metric-says-20k-btc-now-extraordinarily-cheap