Bitcoin is trading 30% below where it should be based on Nasdaq correlation

So theres some interesting data showing Bitcoin is currently undervalued compared to its historical relationship with tech stocks.

Based on Bitcoin's long-term correlation with the Nasdaq 100, its fair value should be around $156,000 right now. But it's trading at $110,000. Thats roughly a 30% discount.

The last time we saw a gap this wide was back in 2023, right before a major rally. Unless you think the bull market is already over, this gap usually closes with Bitcoin catching up.

What makes this setup even more interesting is the October flash crash wiped out over $12 billion in leverage. Open interest dropped from $47 billion to $35 billion. A lot of analysts see this as a reset - all that speculative leverage got flushed out, which usually makes room for actual demand to come back in.

Tom Lee from Fundstrat thinks we'll see a crypto rally before year end now that the deleveraging is done and fundamentals are still solid.

Theres also a shift happening from gold to Bitcoin. Gold just had its steepest weekly drop in over a decade after hitting $4,000+ per ounce. Some investors are rotating into Bitcoin now. Historically Bitcoin lags gold by about 100 days in performance cycles, and that pattern seems to be playing out again.

So you've got Bitcoin trading 30% below fair value, leverage cleared out, and potential rotation from gold. If the bull market continues, this could be a pretty good accumulation zone.

Anyone else noticing this divergence or am I reading too much into it?