CryptoQuant analyst Axel Adler Jr. said on X that Bitcoin’s MVRV Z-Score has dropped to about 0.42, roughly four times below its historical average of 1.7, a level he said points to undervaluation. At the same time, Bitcoin’s 7-day Realized Profit/Loss has turned positive and now stands at about $239 million, indicating that on-chain selling pressure has eased.
Adler added that the MVRV Z-Score has still not entered negative territory, which in his view means the market has not yet seen the kind of capitulation usually associated with a cycle bottom. The analysis describes current conditions as a mix of undervaluation and short-term stabilization, while noting that the market still lacks both a capitulation signal strong enough to confirm a bottom and a clear source of fresh demand.
According to ChainCatcher, CryptoQuant analyst Axel Adler Jr. said in a post on X that Bitcoin’s MVRV Z-Score has fallen to about 0.42, roughly four times lower than its historical average of 1.7, suggesting that BTC is now in an undervalued zone.
He also said the indicator has not yet moved into negative territory. In his view, that means the market has not seen the kind of capitulation typically associated with a cycle bottom.
At the same time, Bitcoin’s 7-day Realized Profit/Loss has turned positive and is now around $239 million, a sign that on-chain selling pressure has eased.
The analysis said the market is currently in a phase of undervaluation and short-term stabilization, but still lacks the capitulation signal needed to confirm a cycle bottom, as well as a clear new source of demand.
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