Bitcoin is in a bear market - why it's still too soon to buy

By Mark Hulbert
The 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 last wro