The Z-Score chart of MVRV as of the end of April 2025 shows that the market is not overheated. The current Z-Score level is around 2–3 — much lower than the historical "red zone" (Z > 7) where cycle peaks typically occur.

📉 This means that:

The market is still in a phase of accumulation or moderate growth.

There is still potential for upward movement — in previous cycles, large upward movements started from similar Z-Score levels.

The current Z-Score indicates the absence of crowd euphoria.

📊 Conclusion: #Bitcoin has not yet entered the final phase of the parabolic rally. Historically, the largest rallies occur after similar consolidation phases.

⚠️ While the crowd remains cautious, the upward trend continues to gain momentum.