A couple points. Bitcoin can't be under valued or over valued. It has no value, no underpinning assets. If you look at the chart labeled "Bitcoin: Total Supply Held by Long-Term Holders" you will see that these so called long term holders are leading the market they are selling when the price rises and the buy when the price is falling. They are not truly holders they just play the longer cycle. Bitcoin is a wonderful speculative vehicle but if held to the end will be a loser as everything comes to an end and I think Bitcoin's end will be sooner than most of its advocates think. It's tech is already old, obsolete and some other crypto will replace it as the dominant coin. I don't think even the next boss coin will be the eventual winner, much development to be done before we have a useful coin.

TEK