Bitcoin is undervalued compared to its “fair” price based on miner output, with the Energy Value metric suggesting it should be trading at almost $170,000. The true value is about 45% higher than its current $116,000 price, according to Capriole Investments founder Charles Edwards.

Miners hold the key to a hyper-bullish BTC price prognosis, with the “Energy Value” metric arguing that Bitcoin’s correct price is a function of energy input and supply growth rate. The current hashrate is at 1.031 zettahashes per second, showing that Bitcoin is far from worthless.

The Energy Value has hit $167,800, contrasting considerably with the current price, which has dipped by almost 10% since its record peak. Market participants believe the Bitcoin bull run has only months to go, giving BTC price little time to match its Energy Value rating.

The Hash Ribbons metric continues to show a healthy outlook for miners and price performance after its latest “buy signal” flashed in late July. This article does not contain investment advice or recommendations, as every investment and trading move involves risk.

Read more at Cointelegraph: Bitcoin Energy Value Delivers a $167,000 ‘Fair’ Price