Bitcoin's $64K Surge Hides Undervalued Reality

Bitcoin (BTC) surged to $64,000 on Tuesday for the third time in recent days, but one analyst believes it's still undervalued. The cryptocurrency is currently riding high alongside the US stock market, which has reached a new all-time high due to hopes of a more sustainable deal with Iran and a major de-escalation.

CryptoQuant's Crypto Dan notes that Bitcoin remains in a 'very undervalued zone', similar to its historical bottoms. He points out that market participants seem uninterested in the crypto market, evident from low searches, social media engagement, dwindling trading volumes, and lack of new capital entering the market.

The indicator shows that even though there's no absolute certainty Bitcoin won't go lower, it's more likely to increase in value. Looking ahead to 2027, when a new bull cycle is expected, Crypto Dan believes the current range represents an undervalued zone.