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.

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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.
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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.

One of the largest funds managing tens of billions in capital has given reasons for bitcoin's continued growth next year
After the U.S. presidential election, the bitcoin rate has renewed its historic high, reaching $93 thousand on November 13. Matthew Sigel, head of digital asset research at VanEck Investment Company, expects, as TheBlock writes, that in the next six months, quotes of the main cryptocurrency can reach even higher heights, within $180 thousand.
Since Nov. 5, the day of the U.S. presidential election, bitcoin has grown by about 30%, trading at $88 thousand on Nov. 15, according to Coinmarketcap. And the price peaked on Nov. 13, at around $93 thousand. As Sigel noted, the growth may continue into 2025.
"VanEck is a global investment firm founded in 1955 with $100 billion in assets under management. It is considered one of the pioneers of innovative exchange-traded funds (ETFs), including the first gold ETF. In early January, received approval to launch a bitcoin-based ETF. As of mid-November, they have $17 billion in assets under management in their bitcoin fund."
According Sigel's calculations, the price of Bitcoin could double, rising to $180,000 over the next two quarters, that is, by mid-2025.
“Things are just getting started. As we expected, bitcoin experienced this highly volatile spike after the election. We are now in clear-sky territory where there is no technical resistance. Bitcoin is likely to hit another all-time highs within the next two quarters,” Cointelegraph quoted the expert as saying. The general positive expectations of bitcoin growth do not guarantee that the market will constantly grow. According to Vaneck's observations, in 2020, there were about six price corrections of 10% each in the period after the election and before the end of the year: “The same patterns occurred four years ago, and a number of indicators we track still point to a continued rally.”
Copper.co analysts came to similar conclusions to VanEck about the continued growth of the major cryptocurrency. They believe that the bitcoin price peak of the current bullish period may come in the middle of 2025. The experts' data is based on the duration of previous cycles, although those do not predict the price level, as in the case of VanEck, where they pointed to $180 thousand per bitcoin. Indeed, the previous bitcoin price rally lasted several months after the 2020 election. Then starting on November 6, the price of the first cryptocurrency rose from about $15 thousand to $29 thousand by December 31. And the peak of that cycle was at $63k in April 2021, according to Coinmarketcap.
“Our price target for this cycle is $180k. We think we can hit it next year. That would be a 1000% return from bottom to peak in this cycle,” Siegel elaborated.
Similar calculations on the time of the price peak were given by the analytical cryptocurrency company Cryptorank, which noted it in October 2025. The company also noted a likely scenario for the overall market growth before that time - the onset of the so-called alt-season.
Bitcoin interest
As an example of the indicators that VanEck tracks to determine the health of the cryptocurrency market, Sigel noted the rise in Bitcoin searches via Google search.
The numerical popularity value for the query “bitcoin,” according to Google Trends as of Nov. 15, is 46, which is comparable to peaks in 2020 and 2021. While this is half as high as the all-time high (100) at the end of 2017, the figure has only risen higher twice in the history of the observation (both in 2021, with peaks of 72 and 67).
Sigel also pointed out the rise in downloads of US cryptocurrency exchange app Coinbase, which has returned to the top 10 App Store apps in the US amid the growth of the cryptocurrency market. On Nov. 14, it took ninth place in the ranking of the most downloaded free iPhone apps, up from 435th place, where it was before the election.
And in the “Finance” category of the App Store in the U.S., the Coinbase app took first place. There has been an increase in app downloads from other companies offering cryptoasset trading services as well. Broker Robinhood took the second place in the “Finance” category, and the Crypto.com exchange took the fifth place. On US Google Play (for Android), the Crypto.com app is in second place, Coinbase is in fifth place, and Robinhood is in ninth place.
In previous cycles, as The Block writes, the Coinbase app has been in the top 10 when the cryptocurrency market was nearing its peaks. Based on this, it is assumed that as bitcoin reaches new price highs, there is growing interest from retail traders, the publication explained.
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