Grayscale's Head of Research, Zach Pandl, has indicated that Bitcoin is currently undervalued based on on-chain metrics, though it has not yet reached the historical cycle bottom. Pandl suggests that the current bear market might be less severe than previous ones due to smaller gains in the last bull market and improvements in market infrastructure, such as the availability of exchange-traded products and increased institutional adoption. Pandl highlights two short-term catalysts for Bitcoin: the progress of the Senate's Clarity Act and the stabilization of leveraged Bitcoin holders' balance sheets. While he remains optimistic about the Clarity Act, market predictions suggest its passage is unlikely. Pandl advises long-term investors to consider building positions gradually at current price levels, while short-term traders might wait for further developments regarding the bill.