Bitcoin Near Past Bottom Levels, in Deep Undervaluation Zone: CryptoQuant

Bitcoin has entered a historically undervalued zone as market participants' interest has sharply faded, according to an analysis cited by CryptoQuant. The on-chain analytics platform said further confirmation is needed to determine whether the current price marks an absolute bottom.

On August 4, CryptoQuant said on its official Telegram channel, citing analyst Crypto Dan, that Bitcoin "appears to have reached a level similar to past historical bottoms" from a cycle perspective.

CryptoQuant said it cannot say with confidence that the current price is the absolute low. The indicator, however, shows market interest has fallen to levels seen during previous bottoming phases.

Looking ahead to the next bull market, which it expects to begin around 2027, CryptoQuant added that there is little doubt the current price range is undervalued.