Grayscale says Bitcoin is undervalued after dipping below $60K, but onchain data suggests the cycle bottom isn’t here yet.
Bitcoin slipped toward the $60,000 level recently. This ignited talks about where the market stands. Grayscale Research stepped in with an answer.
The asset management firm analyzed a range of onchain valuation indicators and found that Bitcoin is trading below its long-term average. They noted that signals undervaluation, but not the deep discount seen at previous cycle lows like the post-FTX collapse in late 2022.
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Grayscale’s composite onchain valuation indicator combines a weighted average of three distinct measures.
According to the firm, the indicator places Bitcoin well below its historical average. However, Grayscale noted that this bear market appears shallower than past cycles.
The firm pointed to structural improvements in the market as a key reason.
ETP availability, wealth platform deployment, and broader institutional adoption have all contributed to a more stable foundation. The preceding bull market was also less aggressive compared to prior cycles, which likely softened the current drawdown.
Trader Lennaert Snyder echoed a cautious short-term outlook on X. He described Bitcoin as “not looking convincing” around the $60,800 prior day low (PDL) level and leaned bearish for the session.
$BTC tries to hold the 60.8K PDL.
I'm leaning bearish for today as Bitcoin isn't looking convincing here.
We can all see the liquidity resting above us at 65K and 68K+, so it would be typical to frontun that and dump from here.
We're still trading within the previous daily… pic.twitter.com/6Wsjwn2VsB
— Lennaert Snyder (@LennaertSnyder) June 10, 2026
Snyder flagged liquidity sitting above at $65,000 and $68,000 as potential targets before any deeper sell-off.
2 Key Catalysts that Could Determine the Next BTC Move
Grayscale identified two near-term catalysts that could shape Bitcoin’s direction.
The first is progress on the CLARITY Act in the U.S. Senate, a regulatory bill that has drawn significant market attention. The second is how large leveraged Bitcoin holders manage their balance sheets in the short run.
The firm said it remains optimistic about the CLARITY Act passing. But prediction markets currently rate it as a toss-up. Any positive legislative development could shift sentiment quickly.
On the leveraged side, forced liquidations from large holders could drag prices lower. Grayscale pointed to this as the key risk. Stabilization among those holders, on the other hand, could support a recovery.
🆕 Grayscale Research: Is Bitcoin cheap yet?
After hitting a new cycle low of ~$60K, onchain valuation metrics say undervalued, but not as cheap as past cycle lows.
Identifying the bottom comes down to two catalysts:
↳ CLARITY Act
↳ How levered $BTC holders hold up.Read… pic.twitter.com/9HbD65oXWM
— Grayscale (@Grayscale) June 9, 2026
What Grayscale Recommends for Bitcoin Investors
Despite the uncertainty, Grayscale sees current price levels as a buying opportunity for long-term investors.
The firm suggested dollar-cost averaging as a practical approach at these levels. Short-term or tactical traders, however, may want to wait for clarity on the CLARITY Act before entering.
CoinGecko data showed Bitcoin was trading at $61,036 at the time of reporting. The price had declined 2.67% over the past day and 9.21% over the week. Trading volume stood at roughly $36.9 billion in that 24-hour window.
Snyder noted that any bulls pushing past the current level could target the $65,000 and $68,000 liquidity zones. He also flagged the $62,500 imbalance and $63,500 prior day high as key short-side trigger levels to watch.
With CPI data due, he expected limited action during the London session.
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