Grayscale: On-chain metrics show that Bitcoin is currently undervalued, but it has not yet reached the historical cycle bottom.

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Golden Finance reports that on June 10th, Grayscale Research Director Zach Pandl stated that on-chain valuation metrics indicate Bitcoin is currently undervalued, but not to the extent of the previous cycle's lows. He said that this bear market may be shallower than past ones because the previous bull market saw smaller gains, coupled with market structure improvements such as ETP availability, deployment on wealth platforms, and institutional adoption.
Zach believes investors should focus on two short-term catalysts: the progress of the Senate "Clarity Act" and whether leveraged Bitcoin holders can stabilize their balance sheets. He remains optimistic about the "Clarity Act," but market forecasts suggest a low probability of its passage. Pandl thinks the current price levels offer long-term investors an opportunity to build positions gradually, while short-term traders might wait for developments on the bill.
BTC-3.12%
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