According to @CryptoMichNL, a liquidity-based model estimates Bitcoin’s fair value at USD 165,000 while spot price is around USD 90,000, implying roughly a 45 percent discount to fair value and about 83 percent upside from current levels, source: @CryptoMichNL. He states this is the largest market mispricing in years, comparable only to the COVID-19 crash, the FTX collapse, and the 2018 bottom, source: @CryptoMichNL. For trading context, the source frames BTC as experiencing a historically rare liquidity-driven dislocation with valuation well below model estimates, source: @CryptoMichNL.