With Bitcoin price nearing the $80K mark, investors are evaluating their next moves using key on-chain metrics and other indicators.
Highlights

Bitcoin has hit a new all-time high, surpassing $77,000, sparking discussions on whether the rally could pause for profit-taking.
Key indicators like the Rainbow Chart, RSI, 200-Week Heatmap, CVDD, and 2-Year MA Multiplier suggest more room to grow.
Despite BTC’s rise, Santiment notes a potential retracement risk as crowd sentiment shows heightened FOMO around the $80,000 mark.
The BTC bulls have been confidently defending the $75,000 levels following the Donald Trump victory and the Fed rate cut this week. Earlier today, the Bitcoin price made a new all-time high above $77,000 leading to a similar surge in the altcoin space. However, investors remain curious as to what’s next for Bitcoin and if there’s more fuel in this rally.
5 On-chain Metrics That Prove Bitcoin Price Is Undervalued
With the Bitcoin price hitting a new all-time high, the asset has entered into a price discovery zone with no history of previous technical charts. However, on-chain metrics can help us make the right decision as to what investors should do next. Let’s take a look at five metrics that prove Bitcoin is undervalued.

Rainbow Chart
Blockchain analytics platform Lookonchain showed that the BTC rainbow chart is a long-term valuation tool that will leverage a logarithmic growth curve projecting future BTC price trends. As per the updated Rainbow2023 chart, the Bitcoin price remains still undervalued.

Relative Strength Index (RSI) Chart
Currently, the Relative Strength Index for BTC is 70.83, which, in comparison to the previous data shows that the price hasn’t reached its peak yet. RSI is a crucial indicator in deciding whether the asset remains in the overbought or underbought zone.

BTC
200-Week Average Heatmap for BTC Price
The 200-Week Moving Average Heatmap reveals that Bitcoin’s current price point remains in the blue zone, signaling that the price peak has not yet been reached. According to the heatmap, this indicates a favorable environment for holding and potentially buying.

Cumulative Value Coin Days Destroyed (CVDD)
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As per the below chart, when the Bitcoin price touches the orange line, it indicates an undervalued market, presenting a favorable buying opportunity. Current CVDD (Cumulative Value Days Destroyed) data suggests that the BTC price has not yet reached its peak.
Bitcoin
Two-Year Multiplier for Bitcoin Price
According to the 2-Year MA Multiplier, the BTC price currently sits between the red and green trend lines, signaling that it has not yet reached the red line associated with market tops. This suggests that the market has room to grow before reaching a potential peak.
Will the Current FOMO Drag BTC Down?
In the week leading up to the US elections and the FOMC meeting, BTC has registered quick 10% gains with some market analysts expecting the rally to pause for a while. Blockchain analytics platform Santiment reports a shift in social sentiment following Bitcoin’s ascension to new all-time highs.
Historically, when enthusiasm for an $80,000+ BTC grows too intense, prices have tended to pull back. Investors are advised to monitor this trend and leverage the crowd’s FOMO (fear of missing out) and FUD (fear, uncertainty, and doubt) reactions, it noted.
However, in the latest Bitcoin vs Gold comparison, the VanEck CEO said that the Bitcoin price can easily touch $300,000.
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If #Bitcoin (#BTC ) breaks through the $63,000 resistance line, several key things could happen, depending on broader market conditions

1.Bullish Momentum: A successful break above $63,000 could signal strong bullish momentum. This might attract more traders and investors, leading to increased buying pressure and driving the price higher. New all-time highs could potentially be reached.
2.FOMO Effect: Fear of missing out (FOMO) could set in, as many traders who were waiting on the sidelines may jump into the market, pushing prices up further.
3.Short Squeeze: If there are a significant number of short positions near $63,000, breaking that level could trigger a short squeeze, forcing short sellers to buy back BTC at a loss, accelerating the price increase.
4.Next Resistance Levels: Once the $63,000 level is breached, the market would start looking for the next resistance zones. These could be set by previous price peaks or psychological round numbers, such as $65,000 or $70,000.
5.Increased Volatility: Bitcoin often experiences increased volatility around key price levels. This could lead to sharp price swings, both upward and downward, even after breaking $63,000.

However, if the breakout fails and BTC drops back below $63,000, it could signal a false breakout, leading to a temporary pullback or correction.