Grayscale Head of Research Zach Pandl says Bitcoin (CRYPTO: BTC) is undervalued at current levels, but the crypto market's biggest long-term opportunity may still lie in AI-focused blockchain networks.
Two Risks Still Loom Over Bitcoin Speaking in a CoinTelegraph interview on June 24, Pandl said Bitcoin appears cheap based on several on-chain valuation models.
Although, it is not yet at the deeply discounted levels seen after the collapse of FTX.
According to Pandl, two major factors will determine whether crypto markets have already bottomed: The first is passage of the CLARITY Act, which would establish a regulatory framework for digital assets in the U.S.
The second is whether Strategy (NASDAQ:MSTR) and other Bitcoin-leveraged firms can stabilize their balance sheets.
