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 <p class="is-style-lead">Bitcoin (BTC) has been consolidating between $25,800 and $26,100 since Aug. 18. However, market intelligence data suggests that the flagship cryptocurrency is <a rel="noopener noreferrer nofollow" title="undervalued" href="https://thebittimes.com/tag/undervalued.html">undervalued</a>.</p> 
 <p>According to Santiment, Bitcoin’s market value over realized value (MVRV) ratio on a 30-day moving average has dropped by 8.49%. This suggests that the asset’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> is currently <a rel="noopener noreferrer nofollow" title="undervalued" href="https://thebittimes.com/tag/undervalued.html">undervalued</a> at this point.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr"> Even when traders are praying that markets fall so they can get discounted #Bitcoin, many feel second thoughts when presented with the actual opportunity to #buythedip. Our latest insight covers the sentiment shift as a result of last week's drop. https://t.co/bJs0KLd7d1 pic.twitter.com/9wxJB4RI5A</p>— Santiment (@santimentfeed) August 22, 2023 
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 <h2 class="wp-block-heading" id="buy-the-dip">Buy the dip?</h2> 
 <p>On the other hand, the social volume for the term “buy the dip” has dropped significantly after it skyrocketed last week. Per Santiment, the optimism for a “quick market recovery” has faded.</p> 
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 <p>Moreover, the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> suggests that most optimism came from Reddit, while Twitter and Telegram had a small share that has already been neutralized.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“Believe it or not, it’s a good sign that people are no longer certain that this is a dip buy spot.”</p> <cite>Santiment analyst</cite> 
 </blockquote> 
 <p>Per Santiment, Bitcoin’s social dominance witnessed a massive surge when the asset took a deep dive from the $28,000 mark on Aug. 18.&nbsp;</p> 
 <p>Furthermore, the analyst suggests that long-term active BTC investors are still profitable, with the 365-day MVRV ratio sitting above 5%. Per Santiment, many short positions remain open on exchanges despite the recent <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> downturn.</p> 
 <p>Bitcoin is up by 0.24% in the past 24 hours and trading at $26,070 at the time of writing. The hike comes as the asset’s 24-hour trading volume witnessed a 40% surge, reaching $12.9 billion.</p> 
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  <img decoding="async" width="1136" height="605" src="https://crypto.news/app/uploads/2023/08/BTC-price-Aug-22.png" alt="Bitcoin is undervalued as price consolidated around $26k - 1" class="wp-image-14187196"> 
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    BTC price – Aug. 22 | Source: Trading View 
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 <p>BTC dropped below the $26,000 mark on Aug. 21, while the number of addresses holding at least one coin reached a new all-time high.</p> 
 <h2 class="wp-block-heading" id="bitcoin-whales-shuffle">Bitcoin whales shuffle</h2> 
 <p>According to data provided by BitInfoCharts, a Bitcoin wallet has accumulated 118,300 BTC over the past three months. The assets in the address are currently worth $3.08 billion at the time of writing.</p> 
 <p>While some claim the address belongs to the Gemini crypto exchange, data provided by Arkham suggests the wallet belongs to Robinhood.</p> 
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  <img decoding="async" width="1906" height="873" src="https://crypto.news/app/uploads/2023/08/Screenshot-2023-08-22-143412.png" alt="Bitcoin is undervalued as price consolidated around $26k - 2" class="wp-image-14187264"> 
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    Stats of the “bc1q….59v2” address – Aug. 22 | Source: Arkham 
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Bitcoin is undervalued as price consolidated around $26k

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