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Discussion on Bitcoin's Fair Value and the Market Cycle
This chapter explores the fair value of Bitcoin and its network, highlighting Tim Peterson's model based on Metcalfe's law. It analyzes the current price of Bitcoin in relation to fair value and discusses the potential end of a bear market and the start of an accumulation phase. The chapter also touches on the impact of the halving event, which doubles fair value and attracts investor and speculator interest, and mentions the pattern of prices rising above fair value and subsequently crashing.