Bitcoin is currently trading at a 30% discount to its Nasdaq 100-implied fair value of $156,000, with spot prices around $110,000. Historical trends indicate that such a discount often precedes a significant price rally, as seen in 2023 before a major market upswing. Analysts highlight that market leverage has been reduced, and with strong Bitcoin fundamentals, a rally before year-end is possible. Additionally, as gold's momentum wanes, some investors are shifting towards high-beta assets like Bitcoin.