Alongside the US stock market, bitcoin’s price is on the move on Tuesday, jumping to $64,000 for the third time in the past day or so. The question now is whether it will have more success this time.
The S&P 500 just hit a new all-time high as US President Donald Trump continues to claim that his country will reach a deal with Iran, after giving the latter until tomorrow to fold. Markets are currently riding high on the hopes of a more sustainable deal and a major de-escalation.
Crypto analysts speculate that the rising US stock indices could propel a more profound BTC rally. For now, though, the $64,000 resistance has proven too strong for the asset.
CryptoQuant’s Crypto Dan noted earlier today that the cryptocurrency remains in a “very undervalued zone.” The analyst added that BTC has seemingly reached a “position similar to its historical bottoms of the past.”
Although he admitted that there’s no absolute certainty bitcoin won’t go even lower, the indicator “shows that market participants are as uninterested in the crypto market as they were during previous bottoms.”
This is seen from the lack of new capital entering the market, the dwindling trading volumes, and the low searches and social media engagement.
“Looking ahead to the next bull cycle — expected to begin around 2027 — there’s little doubt that the current range represents an undervalued zone,” Crypto Dan concluded.
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Source: https://cryptopotato.com/bitcoin-hits-64k-yet-one-indicator-says-its-still-very-undervalued/
