PANews reported on June 10th that Zach Pandl, Head of Research at Grayscale, stated that on-chain valuation metrics indicate Bitcoin is currently undervalued, but not yet at the level of cheapness seen at previous cycle bottoms. He suggested that this bear market may be shallower than previous ones due to the smaller gains in the previous bull market, coupled with improvements in market structure such as ETP availability, wealth platform deployment, and institutional adoption.

Zach believes investors should pay attention to two short-term catalysts: the progress of the Senate's Clarity Act and whether leveraged Bitcoin holders can stabilize their balance sheets. He remains optimistic about the Clarity Act, but market predictions suggest its passage is unlikely. Pandl believes current price levels offer long-term investors an opportunity to build positions in stages, while short-term traders may want to wait for the bill's progress.