Is Bitcoin still undervalued? What will drive BTC’s growth to cross $100,000 levels

economictimes.indiatimes.com:

Bitcoin has had four overly significant years in its existence, and when 2024 began, BTC enthusiasts all looked forward to riding the post-halving bullish momentum. While not all predictions regarding the movement of the world’s largest cryptocurrency come to fruition, as of June 7, it is presently trading at around $70,000 levels with an improved market capitalisation of 1.40 trillion. BTC’s performance has improved by 4.25% in the last week, with a significant bull run in May that led to a capital appreciation of 14.32%.
Coming off a significant bull run that lasted seven months where its price appreciated from $25,932 on August 1, 2023, to reach the $71,285 level by March 1 this year, investors were taken by surprise when significant unexpected events like the FTX decline failed to reflect in its bullish momentum. Presently, as BTC trades near the all-time high level of $75,830, concerns have been raised about whether Bitcoin has finally reached its ceiling or if it is still viable as an undervalued asset.

Undervaluation assisting BTC recovery

Bitcoin witnessed a steady downtrend since October 1, 2021, when it reached the $61,000 mark. A brief up trend between January and March 2022 saw it climb to the $45,000 level, but the subsequent downfall led it to the $16,528 level by December 1, 2022. However, it began showcasing a bullish trend thereafter, making higher highs and breaching the $31,000 mark which acted as a psychological resistance. A bearish trend ensued after that, but the currency soon adopted a