Bitcoin 'Grossly Undervalued' at Current Prices, Say Traders Ahead of CPI, Trump-Harris Debate Week

According to CoinDesk: Bitcoin remained relatively stable over the weekend, trading between $54,000 and $55,000, following the liquidation of over $220 million in crypto long positions due to a weaker-than-expected U.S. jobs report. Traders are now eyeing significant events this week, including a U.S. presidential debate and the release of key economic indicators like the Consumer Price Index (CPI) and Producer Price Index (PPI).BTC Trading Flat, But Analysts See ValueWhile major tokens like Ether (ETH), Solana (SOL), Cardano (ADA), and Ripple’s XRP showed minimal changes, some mid-cap tokens like memecoin Neiro (NEIRO) and BitTorrent token (BTT) surged by 25%. Despite the broader market's sluggish activity, analysts at Presto Research believe Bitcoin is currently undervalued.In a Monday note, Peter Chung and Min Jung from Presto Research stated that Bitcoin’s record-high network security makes it an attractive investment. “The hashrate, or computational power securing the Bitcoin network, has hit an all-time high of 679 EH/s, making it the most secure network by far,” they noted, adding that, “BTC seems grossly undervalued at the moment.”Macroeconomic Factors Impacting BTCBitcoin miners have been expanding capacity since August, and this increase in hashrate typically marks a price bottom for the asset. Market analysts are keeping a close eye on U.S. payroll figures, which recently showed a weaker labor market, and the upcoming CPI and PPI reports, both of which will provide insights into inflation trends.“Lower-than-expected payroll data is dominating the market sentiment at the moment,” Lucy Hu, senior analyst at Metalpha, told CoinDesk. Hu added that volatility could remain high leading up to the Federal Reserve's next meeting.Political Developments to WatchAlongside economic indicators, the market is also focusing on the upcoming presidential debate between Republican candidate Donald Trump and Democrat Kamala Harris. Trump has previously expressed his intention to make the U.S. the "crypto capital" of the world, while Harris is also reportedly considering policies to support the growth of the cryptocurrency industry.With key economic data releases and political events scheduled for this week, Bitcoin could see significant price movement. Traders and analysts alike are closely monitoring market sentiment, with many believing that Bitcoin is undervalued due to its strong fundamentals, despite prevailing macroeconomic concerns.