BTC enters the "undervalued zone"! The opportunity is approaching, but the signal has not yet been fully confirmed. The Bitcoin composite index (BCMI), composed of MVRV, NUPL, SOPR, and market sentiment, has currently fallen back to the 0.2–0.3 range, testing a key historical level. What does this range mean? Simply put: the market has entered the "value zone"—in the past, whenever it reached this area, it often corresponded to a deep undervaluation phase for Bitcoin. But it’s important to note: the current 90-day moving average is still trending downward, indicating that selling pressure has not been fully released, and the market has not truly "bottomed out." Core logic: BCMI decline → dual repair of sentiment and valuation at historically low levels → long-term value emerges with the moving average trending downward → short-term uncertainties remain. Conclusion: the current position is more like a "left-side accumulation zone" rather than a "confirmation of takeoff point." The opportunity is near, but we still need to wait for the trend to truly stabilize.