Why a hidden math metric shows bitcoin may be getting too cheap for investors to ignore
Summary
Bitcoin’s MVRV Z-Score is nearing a level that has historically marked bear market bottoms. The metric compares bitcoin’s market value with its realized value, and major cycle lows have typically occurred when the score touches or dips below zero. It is currently around 0.24, close to the “green zone” associated with accumulation and prior bottoms in 2011-12, 2014, 2018, and 2022. Still, the bottom may not be confirmed yet. Long-term holder MVRV remains elevated at 1.29 versus short-term holder MVRV at 0.84, and past cycle lows formed when these measures converged. That suggests long-term holders still have meaningful unrealized gains, so more downside may be needed before a typical bear-market bottom fully sets in.
