Bitcoin's Mayer Multiple Falls Below 1.0; Bitwise Notes Undervaluation Amid Fed Rate Hold

According to Bitwise analysts on June 20, Bitcoin's Mayer Multiple has fallen below 1.0, indicating historical undervaluation typical of long-term accumulation phases. However, investor participation remains subdued, with CryptoQuant's realized value growth indicator declining to 13.9 and 19.1 on June 17 from approximately 70 in late October 2025, signaling slowing inflows into the Bitcoin network.

Following the Federal Reserve's decision to hold interest rates at 3.5%-3.75% on Wednesday, nine officials project at least one rate hike this year while six expect two or more. Bitcoin retreated below $64,000 post-decision. Investor Jelle identified $64,000 as a key support level; if held, price could rebound toward $70,000 in coming weeks.