Bitcoin climbed to $64,000 for the third time in about a day on Tuesday, tracking a record high in the S&P 500 as markets price in hopes of a US-Iran de-escalation. CryptoQuant analyst Crypto Dan says the current range still looks like bitcoin's past bottoms, pointing to thin trading volume and weak public interest as evidence.
Bitcoin jumped alongside the US stock market on Tuesday, reaching $64,000 for the third time in the past day or so. The question now is whether the level holds this time.
The S&P 500 hit a new all-time high as President Donald Trump continued to claim the United States would reach a deal with Iran, after giving the country until tomorrow to fold. Markets are riding high on hopes of a more sustainable deal and a major de-escalation.
Crypto analysts speculate that the rising US indices could propel a more profound bitcoin rally. So far, the $64,000 resistance has proven too strong for the asset.
CryptoQuant's Crypto Dan noted that bitcoin remains in a very undervalued zone. According to Crypto Dan: "position similar to its historical bottoms of the past". He admitted there is no absolute certainty bitcoin won't go even lower still.
That reading comes from the lack of new capital entering the market, dwindling trading volumes, and low search and social media engagement. Looking ahead to the next bull cycle, which he expects to begin around 2027, Crypto Dan said the current range likely represents an undervalued zone.
Source: CryptoPotato
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