Bitcoin may still drop below its $52,000 realized price even though it already looks undervalued on fundamental measures, according to PlanB. In an X post on July 1, the Stock-to-Flow model author said Bitcoin ended June at $58,526, below the roughly $62,000 200-week moving average but still above realized price, a metric that approximates the market's aggregate cost basis by tracking the price at which coins last moved. PlanB argued that every previous bear-market low fell below realized price, meaning Bitcoin can appear cheap and still decline further. He maintained his long-standing bullish valuation view, saying valuation based on fundamentals such as scarcity and Stock-to-Flow remains in the $250,000 to $1 million range, even if the market price deviates sharply from that level. He also warned that another wave of capitulation and liquidation could occur if historical patterns repeat, and said warning signs began in December with mixed signals before being confirmed in February when Bitcoin's RSI (momentum indicator) fell below 50. CryptoQuant founder Ki Young Ju described the issue as a liquidity constraint, saying Bitcoin likely still has another parabolic cycle ahead but currently lacks sufficient capital to move higher. He said it took just $5 million in net inflows to double BTC's price in 2011, compared with about $101 billion in the current cycle, and argued the next parabolic move will probably require trillions in net inflows, implying deeper institutional adoption rather than another retail-driven ETF trade.