Crypto: Bitcoin Most 'undervalued' Since March 2023 At $20k, BTC Price...

Bitcoin onchain analysis eyed a potential end to the BTC price downtrend as its MVRV ratio returned to levels not seen in three years.

Bitcoin (BTC) is approaching “undervalued” territory for the first time in three years as a classic indicator nears its inflection point.

Bitcoin has not been so “undervalued” versus its market cap since March 2023, research shows.

The MVRV ratio is approaching its key breakeven level for the first time in over three years.

MVRV analysis sees Bitcoin in the process of reversing its downtrend.

Research from onchain analytics platform CryptoQuant released on Friday reveals key developments on Bitcoin’s market value to realized value (MVRV) ratio metric.

A classic BTC price gauge, the MVRV ratio compares Bitcoin’s market cap to the price at which the supply last moved, also known as its “realized cap.”

Values below 1 imply that the supply is undervalued at current prices. Last week, as BTC/USD dropped below $60,000, MVRV hit 1.13 — its lowest reading since March 2023, when it traded at just $20,000.

“Following its all-time high in October 2025, Bitcoin has been in a downtrend for approximately four months and is now approaching what can be considered an undervalued zone,” CryptoQuant contributor Crypto Dan commented.

MVRV last registered below 1 at the start of 2023. At the time of Bitcoin’s latest all-time high last October, the ratio peaked at 2.28.

Source: CoinTelegraph