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Bitcoin (BTC) may be approaching the end of its bear market phase, as a widely followed on-chain metric flashes its strongest undervaluation signal ever. Despite recent volatility, BTC to PKR remains closely watched by investors as historical patterns suggest a possible long-term price recovery ahead.
Bitcoin’s MVRV Z-score, a metric comparing market value to realized value, has dropped to record lows on a rolling two-year basis, according to data shared by analyst Michaël van de Poppe. This level is lower than previous bear market bottoms, including 2015, 2018, the 2020 COVID crash, and 2022.
“This is how deep we’re in the bear market and yes, we’re close to the end of it,” van de Poppe said, calling the chart “phenomenal.”
Glassnode data shows the Z-score recently entered the green ‘undervalued’ zone, a region historically associated with long-term accumulation opportunities.
Bitcoin recently fell to $81,040, marking a two-month low amid a broader sell-off in risk assets and precious metals. However, analysts believe the decline could be part of a healthy consolidation phase, not the end of the broader bull cycle.
Van de Poppe also noted that the recent pullback in gold and silver may act as a trigger for Bitcoin once traditional markets stabilize.
“I’m not saying the bull market is over far from it,” he explained.
Historically, similar MVRV Z-score levels have preceded strong Bitcoin recoveries. While short-term volatility remains likely, the data suggests Bitcoin may be deeply undervalued, increasing the chances of a long-term price rebound once macro conditions improve.
