CryptoQuant analyst Axel Adler Jr. stated on X platform that the Bitcoin MVRV Z-Score has dropped to 0.42, about four times lower than the historical average of 1.7, indicating that Bitcoin is in the undervalued range. The indicator has not fallen into the negative range, and the market has not yet experienced a surrender style sell-off at the bottom of the cycle. On the 7th, Bitcoin achieved a profit and loss transition from negative to positive, currently around $239 million, and the selling pressure on the chain has eased. The market is in a stage of underestimation and short-term stabilization, and there is no surrender signal required to confirm the bottom of the cycle, lacking a new round of demand driven.
