Although crypto investors are still on the sidelines due to the just-concluded United States presidential elections, CryptoQuant analysts say Bitcoin is showing strong fundamentals and follows a bullish pattern seen in previous U.S. elections.

According to a weekly report, one positive fundamental from a valuation perspective is that BTC is currently fairly valued and not overvalued. This means that a positive catalyst stemming from the elections could trigger a major rally in the asset’s price.