Bitcoin is in a bear market - and it's still overvalued by almost 40%

By Mark Hulbert
Cryptocurrency's fair value is around $53,000, according to this calculation
Bitcoin's plunge has focused investors on a little-known valuation model.
Bitcoin's roughly $40,000 loss from its early October peak equals about a 30% haircut - but the cryptocurrency still fetches far more than its current fair-market value.
That's according to a bitcoin (BTCUSD) valuation model based on something known as Metcalfe's Law, which ****** umes that the value of a network is a function of the number of users. I l