The Bitcoin MVRV Z-score, a key on-chain valuation metric, has fallen to unprecedented lows on a two-year rolling basis. This suggests Bitcoin is currently more undervalued than during the troughs of major historical bear markets, including 2015, 2018, and 2022. Analysts observe this extreme reading as a potential signal that the prolonged market correction may be nearing its end, coinciding with a recent price drop to around $81,000 and a sharp decline in precious metals.
Bitcoin’s MVRV Z-score has printed record lows on a rolling two-year basis, making the asset more “undervalued” than at the pit of past bear markets. The data, sourced from analytics platform Glassnode, was highlighted by crypto trader and analyst Michaël van de Poppe in a social media post. “This is a phenomenal chart,” he told followers about the analysis from crypto analyst James Easton.
Easton agreed that the chart now looks “wild,” having fallen to the lowest levels ever recorded. The MVRV Z-score measures market value versus realized value to indicate overvalued or undervalued conditions. “The current Z-Score of $BTC is lower than during the bear market bottom in 2015, 2018, COVID crash 2020 and 2022,” Van de Poppe noted.
Van de Poppe added, “That’s how deep we’re in the bear market, and yes, we’re close to the end of it.” The raw Z-score data from Glassnode shows it at its lowest point since October 2023, when Bitcoin traded near $30,000. Bitcoin price action fell to new two-month lows this week, hitting approximately $81,000 amid a sell-off across risk assets.
Reacting to the broader market moves, Van de Poppe said that both gold and silver were “done for now.” He wrote that the precious metals markets were dropping massively, down 10-15% in 24 hours. “I’m not saying: the bull is over. No, far from it. But it will consolidate, and that’s also the trigger you’d like to see for Bitcoin,” he stated.
