The Bitcoin Yardstick is an approach to calculating the relative value of Bitcoin (BTC) by measuring the energy expenditure that is used to secure its network. On-chain analyst Charles Edwards has discovered that the current readings on the indicator are comparable to those when Bitcoin was trading near the $4K mark in 2019. This suggests that Bitcoin is relatively cheap right now - given the amount of energy that is necessary to secure the world's most powerful computer network - and could hint at a bullish market.

Considering the recent options expiration and bearish wagers placed on WBTC, Bitcoin price is currently under pressure. Nonetheless, Edwards' conclusion seems to be that despite potential pullbacks in the market, January likely marked the beginning of a new bull run, and greater returns might come in the year 2024. Buyers appeared to step in to purchase the dip, which gave way to a marginal 24-hour price increase at the time of writing.

It's important to note, however, that there are several variables at play, and investors should ultimately make their own decisions when it comes to investing in Bitcoin - or any other cryptocurrency. Taking into account the Bitcoin Yardstick and other indicators when forecasting potential price movements, as well as being aware of the risks and regulations, is essential before making any financial decision.



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