I'm seeing here that Bitcoin's Mayer Multiple is approaching that undervaluation level indeed. Check it out, this indicator compares the current price with the 200-day moving average, and when it gets very low, it usually indicates that BTC is undervalued.

With the Fed still uncertain about interest rates, people are a bit scared. Bitcoin is around 73.2K right now, and the Mayer Multiple is signaling that there might be an opportunity for those thinking long-term. It's not a guarantee of anything, but historically, when this multiple drops too much, it tends to be a point of interest.

The cool thing is that the market is nervous precisely when the indicator is shouting that there could be value here. If the Fed doesn't do anything too aggressive, this Mayer Multiple could be a good sign to keep an eye on. At least, that's what I'm observing in the data.