Bitcoin touched $64,000 today, a level that has repeatedly acted as a strong resistance. But according to CryptoQuant analyst Crypto Dan, the asset remains in a 'very undervalued zone' based on an on-chain indicator that has historically aligned with market bottoms. The claim comes as the S&P 500 hits a new all-time high and as traders eye a potential Iran deal.
The undervaluation signal
Crypto Dan pointed to an on-chain metric that suggests Bitcoin's current position is similar to past cycle bottoms. The indicator, which he didn't name in detail, shows the asset is priced well below what the network's fundamentals would imply. 'Bitcoin remains in a very undervalued zone,' he stated.
Yet the broader market isn't acting like a bottom is near. Interest from retail and institutional participants is low. New capital isn't flowing in. Trading volumes are dwindling. Social media engagement around crypto has dropped off. That combination — a cheap asset with no one buying — is exactly what the on-chain signal flagged in prior cycles.
Macro backdrop: Stocks at highs, Iran deadline
While crypto sits quiet, traditional markets are partying. The S&P 500 hit a fresh all-time high today, extending a rally that has left Bitcoin in the dust. The divergence is stark: equities are euphoric, crypto is apathetic.
On the geopolitical front, President Trump claimed a deal with Iran is possible and gave a deadline until tomorrow. The comment added a layer of uncertainty to an already mixed macro picture. A breakthrough could shift risk appetite; a failure could rattle oil markets and spill into crypto.
Resistance and the long view
The $64,000 level has been a stubborn ceiling. Bitcoin has tested it multiple times this year, only to get rejected. Breaking above it would be a bullish signal, but the lack of momentum makes that a tall order.
Crypto Dan isn't expecting fireworks soon. He predicted the next bull cycle will begin around 2027. That's a long wait for anyone hoping for a quick return to all-time highs. But if the on-chain signal is right, the current price could look like a steal in a few years.
For now, the market is stuck between a macro tailwind and a crypto-specific funk. The Iran deadline tomorrow could provide a jolt — or just another day of sideways action.
