Bitcoin is trapped in a downtrend, but a 'positive trifecta' screams 'deep value'

In a recent Twitter space, Capriole Fund founder Charles Edwards told Cointelegraph that BTC could go down, but is currently reflecting a "incredible deep value" based on multiple price metrics.

$20,000 is no longer supported.

$100,000 didn't arrive.

The Bitcoin halving is 562 days away.

The bears simply refuse to relax their grip on the market and the Federal Reserve's policy of rising interest rates and quantitative tightening adds fuel to the fire.

Despite these challenges, in a September 15 Twitter space hosted by Cointelegraph, Capriole Fund founder Charles Edwards explained why he is still bullish on Bitcoin.

Edwards said that several on-chain metrics suggest BTC is undervalued:

“I see an incredible deep value and I kind of call it a trifecta and that we have three positive things going on in my mind. One is the synchronization of the cycle, between the second and third year , which has historically been where all bitcoin cycles bottom out. The second is that we hit 90% of the normal cycle draws. Now obviously all of those things can go down, but that alone is kind of a good signal. And then thirdly, just the readings on just about every on-chain metric, whether it's Mayer Multiple, Puell Multiple, NVT, or dormancy, it's all kind of at a one-in-four discount years. So for me, it's kind of this once-a-cycle opportunity that we're seeing right now."

When asked what he thought of the previous Bitcoin halving and the impact the current economic environment might have on the upcoming halving, Edwards said:

“I think it was a success because it put Bitcoin as one of the most durable assets in the world in the midst of massive money printing. And we saw a lot of old school traditional finance , legendary investors, Druckenmiller, etc. getting into bitcoin because of that, because it's more or less a hedge. And that kind of trigger...