Glassnode analyst: Bitcoin's MVRV Z-Score has compressed to its lowest level since October 2022.

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According to Foresight News , Glassnode analyst Chris Beamish wrote that the BTC MVRV Z-Score has now compressed to its lowest level since October 2022. The last time this indicator was at this level, Bitcoin was trading around $29,000. Chris Beamish believes this is a robust correction after unrealized profitability, with the market returning to fair value after the previous expansion.

Note from Foresight News : The MVRV Z-Score metric is primarily used to assess whether Bitcoin's market capitalization (Market Cap) is overvalued or undervalued relative to its "realized value" (Realized Cap).

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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