Bitcoin is in historically undervalued range, MVRV drops to 5th percentile

CryptoQuant analyst Darkfost said that Bitcoin's current MVRV percentile is at about the 5th percentile-that is, 95% of the time in history, this indicator has been higher than it is now. This shows that the price of Bitcoin is already in an extremely low range relative to its historical level. MVRV is a measure of the relationship between Bitcoin's market value and the "realized value"(the price of each BTC when it was last moved). Instead of just looking at raw numbers, Darkfost uses a method that ranks current MVRV in historical data to determine the relative position of current prices in history. Previously, when BTC fell below US$60,000 in February, the indicator fell below 10%, and has entered a similar region again since June. Historical data shows that these periods often correspond to long-term bottom ranges.