While gold, silver, and stocks are all hitting new all-time highs, Bitcoin presents an intriguing divergence—currently trading roughly 30% below its previous peak. This disconnect opens up two compelling interpretations of where crypto markets are heading.

First scenario: Bitcoin is severely undervalued. In this view, BTC is simply lagging the broader risk-asset rally. As investors rotate back into crypto or institutions recognize its macro hedge qualities, Bitcoin could catch up to traditional assets—and potentially rocket past them given its volatility characteristics and smaller market cap.

Second scenario: Bitcoin is the proverbial canary in the coal mine. The fact that it's underperforming gold, silver, and equities could signal that risk assets across the board are mispriced. If macro conditions shift or liquidity tightens, Bitcoin's weakness might be an early warning that the entire risk-on trade is vulnerable to a significant correction.

The truth likely hinges on how you read current economic signals. Either Bitcoin is catching a delayed entry point into this bull cycle, or it's quietly showing us something the stock market hasn't priced in yet.