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PANews, December 2 news, according to Cointelegraph, the price of Bitcoin has fallen 31.4% from the historical high of $126,000 set on October 6. This pullback has caused the BTC price to drop below its network value (Metcalfe's value) for the first time in two years. Economist Timothy Peterson states that historically, this often indicates that Bitcoin will recover. Metcalfe's law suggests that the price of BTC is positively correlated with the growth of active Addresses and volume (i.e., network value); the more Wallets and transactions there are, the higher the fair price. The current price diverging from the network value indicates that Bitcoin is undervalued relative to its continuously expanding network, a situation that typically arises after excessive speculation.
Peterson posted on the X platform on Tuesday, stating that while it does not mean the price has bottomed out, it indicates that most of the leverage has been cleared and the "bubble" has burst. He also added that the Metcalfe price