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

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ME News report: On June 10 (UTC+8), Zach Pandl, head of research at Grayscale, said that on-chain valuation indicators show that Bitcoin is currently undervalued, but not to the same extent as the “cheap” levels seen at the bottom of prior cycles. He said this bear market may be shallower than in the past because the previous bull run saw smaller gains, along with market-structure improvements such as increased ETP availability, deployment on wealth platforms, and institutional adoption. Zach believes investors can focus on two near-term catalysts: the progress of the Senate’s “Clarity Act” and whether leveraged Bitcoin holders can keep their balance sheets stable. He remains optimistic about the “Clarity Act,” but market signals suggest a low probability of its passage. Pandl believes current price levels provide long-term investors with an opportunity to build positions gradually, while short-term traders may wait for developments on the bill. (Source: PANews)
BTC-2.03%
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