GREAT QUESTION!
You can't.
Fundamentals for stocks don't exist for currencies. Bitcoin doesn't have revenue or expenses or earnings or debt, each of which is a core criteria of "fundamental analysis".
Since Bitcoin is a currency we must try to compare it to the fundamental analysis conducted on fiat currencies. Here's a good article on
the fundamentals of forex.These fundamental analysis criteria are economic indicators - GDP, Consumer Price Index, Retail Sales, and Industrial Production. The challenge is that these apply to a country, the country that controls the currency being analyzed. Obviously Bitcoin doesn't have a control country...so...even more difficult to use fundamental analysis on Bitcoin.
This is a good question, we should continue to discuss what criteria could be applied.