Bitcoin Undervalued by On-Chain Metric, Might Remain That Way: Technical Take – CoinDesk

Bitcoin’s MVRV Z-score now shows the cryptocurrency has been trading at historically undervalued levels since June. The last time BTC’s MVRV Z-Score reached this level was in March 2020. BTC price ultimately increased from $5,200 to $60,000 in February 2021, when the Z-Score indicated that it was overbought, or trading at a level above its intrinsic or fair value.

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