ChainCatcher news, according to CryptoSlate, Glassnode data shows that Bitcoin's MVRV Z-Score indicates it is closer to being undervalued, reflecting potential buying opportunities. Over the past year, this metric has experienced significant fluctuations, reflecting the price trends of Bitcoin's volatility.Note: The MVRV Z-Score assesses whether Bitcoin is overvalued or undervalued relative to its "fair value."The Z-Score index peaked at around 3 points in March of this year, coinciding with Bitcoin rising above $70,000. Since then, the Z-Score index has significantly declined. This drop indicates that the market is moving away from potential overvaluation and approaching levels historically associated with undervaluation.As the Z-Score trends towards the lower end, it suggests that Bitcoin may be nearing a period of being undervalued relative to its realized value. Historically, Z-Score values around 0 indicate market bottoms, suggesting that Bitcoin's current position may provide a favorable entry point for long-term investors.

According to ChainCatcher, as monitored by Glassnode, the Bitcoin MVRV Z-Score (standard score) has risen to 0.239, reaching a 7-month high.ChainCatcher Note: The MVRV-Z Score is a relative metric, MVRV-Z Score = (Market Cap - Realized Cap) / Standard Deviation (Market Cap), where "Realized Cap" is based on the value of Bitcoin transactions on the chain, calculated by summing the "last moved value" of all Bitcoins on the chain. When this metric is too high, it indicates that Bitcoin's market cap is overvalued relative to its actual value; conversely, it indicates undervaluation. (Source link)