Bitcoin’s (BTC) current market status shows differing opinions among traders; some see it as bearish while others argue its price does not reflect its real value. Analyst Sykodelic believes Bitcoin is trading significantly below its actual worth, suggesting a short-term correction rather than a foundational market change.

Market Conditions and Structural View

Sykodelic contends that Bitcoin’s recent price drop should not be construed as a sign of decline.

“What has happened over these last 6–8 weeks has not been a fundamental market shift that most believe… It’s been a structural reset.”
(Translation: The changes seen recently are not due to fundamental market changes, but a necessary adjustment.)

The analyst connects Bitcoin’s value to patterns in gold and overall liquidity, asserting that Bitcoin’s present valuation is almost 90% below what it should be, projecting a target of $153,000 based on these indicators.

Sykodelic states, “Bitcoin is criminally underpriced no matter which way you slice it.”

They also forecast that Bitcoin could potentially reach $200,000 in the near future, responding to doubters with:

“$200k+ Bitcoin is not some wild moon boy price prediction like most of you try and belittle me for.”
(Translation: This forecast isn’t just a fanciful prediction, it’s based on solid analysis.)

Bitcoin’s current price is around $89,000, with a 24-hour trading volume of $28 billion, showing slight gains over the past day but a minor drop in the previous week.

Broader Market Context

In another analysis, Bitwise CIO Matt Hougan predicts a market resurgence by 2026. As reported by CryptoPotato, he implies that the typical four-year Bitcoin cycle may become obsolete, instead focusing on long-term dynamics that could create a more stable market environment.

With Bitcoin currently trading close to $90,000, a crucial level noted by analysts is $46,457, which might serve as a strong buying point based on the CVDD model.