Crypto: Bitcoin Bear Market Almost Over? BTC Price Metric Outpaces 2022 Bottom

Bitcoin's MVRV Z-score printed record lows on a rolling two-year basis, making BTC price more "undervalued" than at the pit of past bear markets.

Bitcoin (BTC) may be “close to the end” of its correction as a classic BTC price metric beats records.

Bitcoin’s MVRV Z-score is at record lows on two-year rolling time frames.

The “wild” data is leading to predictions of an imminent BTC price recovery.

Analysis says that the precious metals rally is “done for now.”

In an X post Friday, crypto trader, analyst and entrepreneur Michaël van de Poppe confirmed the lowest-ever readings for Bitcoin’s MVRV Z-score.

“This is a phenomenal chart,” he told followers about the data, sourced from crypto analyst James Easton.

Easton agreed that the chart now looks “wild,” having fallen to the lowest levels ever recorded.

MVRV refers to market value versus realized value, and measures the price at which the BTC supply last moved (realized cap) relative to the value of all BTC in existence (market cap).

The Z-score divides that ratio by the standard deviation of market cap, giving clear “overvalued” and “undervalued” ranges for Bitcoin at a given point in time.

Source: CoinTelegraph