Bitcoin is Finishing the Year Undervalued

Bitcoin Correlations Report, December 2024

Bitcoin is bouncing back from the post-FOMC dip. But unless some miracle happens, it is unlikely Bitcoin will finish the year significantly above $100,000.

That puts it somewhat below target, but it doesn't make it an outlier when compared to other assets.

For this Christmas edition, let's discuss the position in which Bitcoin is ending the year 2024.

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Bitcoin is Finishing the Year Undervalued

The Takeaway

Bitcoin ends 2024 near $100,000, moderately undervalued relative to the stock market.

Its strong correlation with both NASDAQ and gold suggests macro factors are driving prices. While traditional metrics indicate significant potential upside, newer institutional flow-based models suggest more modest growth ahead.

The notable absence of retail FOMO behaviour points to a maturing market still in a bull phase.

Fateful Correlations