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Valuing Bitcoin's fair value at cycle bottoms.
The MVRV is one of the most underrated indicators out there, despite consistently marking bear market bottoms.
First, understand what it is. The MVRV score measures how much BTC's circulating market value deviates from its realized market value.
It's a relative indicator. When it's high, market value exceeds realized value. When it's low, BTC is undervalued relative to its realized value.
Over the last 3 cycles, Bitcoin has bottomed out at around -0.2 to -0.3, where the negative reading signals undervaluation.
Right now it's sitting at 0.4 to 0.78, well below BTC's ATH reading of 2.8 to 3.0 this cycle.
So, have we reached the bottom based on relative valuation? Most likely not.
But one thing is for sure: we're getting a significant discount even at current prices.