What is bitcoin really worth?

[Kimba_Coinarch]

Coindesk recently published an article explaining that the average bitcoin enthusiast thinks the current bitcoin price is undervalued. ALFAcoins recently launched their Fair Bitcoin Price indicator which values the bitcoin price at $518.59. “The price aims to illuminate what it considers the true value of bitcoin by factoring for the cost of bitcoin mining, or production of the commodity itself”.

We don’t know how such a prediction would inspire traders to hold on to their investments, but it surely paints a picture to where this digital currency is headed long term. Read on for our daily bitcoin price analysis.

March 3rd Bitcoin Trading Session
In our previous analysis, we predicted the market to test the 280-mark and explained how this position would be a profitable exit point. As it turns out, we were nearly correct, as the bitcoin price clearly attempted a bearish correction near 281, and later dropped to 267. However, good buying pressure near yet another new support inspired the market to continue its prevailing bullish trend.

Amidst all such corrections, the BTC/USD opened near 273 while adjusting to the market’s volatility. At the same time the pair tested 267 as its new and temporary support point. Somewhere in the 12th hour, the market once again skyrocketed in hopes to break more resistance levels, the next near 295. The trading volume meanwhile also saw a huge surge, adding further to the prevailing bullish momentum.

At press time, the BTC/USD is being valued around 284, right above its 61.8 retracement level at 283.

What to Expect Today?
The price is now targeting older resistance levels. We have zoomed out the chart so you can see the red dotted horizontal line of 297. You will notice how this particular point is almost symmetrical with the 76.4 retracement level, while at the same time has influenced a sharp pull back towards the dangerous bottom near 165 (between January 9th and 14th this year). We are not saying this point could repeat itself, however  it still holds as an important upside risk that could slow down the prevailing bullish momentum.

Meanwhile, there seems to be a lack of resistance between the current price and 297, so if the price manages to stay above 283, we might see a smoother rally in the next few hours/days.

On the downside, the 267-support will continue to hold the price barring the case of manipulative sell-offs.

Conclusion (On Daily Charts)

Current Mood: Strong Bullish
Moving Averages: Strong Buy (12 Buy 0 Sell)
Technical Indicators: Strong Buy (7 Buy 0 Sell 4 Neutral)

[M28MmickT]

I am not sure I agree with the value to be honest, I believe in the market will value it close to what it is worth at that point in time not to say it will not be $500 + In future. So many different values out there  just a case of which one is right  it has been looking healthy last few days but how long will it hold hmmm

[Sindelar1938]

Think we will see the $300 in this present up-move. Don't know that we will stay there for long though...

[PenguinFire]

Isn't it worth what the market of the item is worth?  Isn't it that basic?  I am confused honestly.

[Benjig]

The problem is most of the regular investors are out... since btc has been in a downtrend for more than a year.

400+ is hard to achieve.

[Chef Ramsay]

The problem is most of the regular investors are out... since btc has been in a downtrend for more than a year.

400+ is hard to achieve.

There's so many looking to get back into the fold so ure points are tomfoolery. This show isn't gonna make you so happpy but I'll see you later.

[resya]

Bitcoin is only worth what the next guy thinks it's worth. I recall people saying in 12/2013 that it was cheap at $800 when it was down from $1000+. Better speculation if it's played like blackjack.