📊 On-Chain Signals: MVRV Z-Score Shows the Market Is Still Not Too Hot

The chart displays Bitcoin MVRV Z-Score — an indicator that compares market value to actual value. Historically, this indicator helps determine peaks and troughs in BTC cycles.

🔵 Current Reading: approximately 2

– Still far from the "overheated zone" (>7)

– Historically, cycle peaks occur when MVRV exceeds 7–9

– Most recent peak (2021): MVRV > 8, BTC at $64K–69K

🟢 Trough Occurs When MVRV Drops Below 0

– In 2011, 2015, 2018, and 2022

– Each major accumulation zone marked

🧠 What This Means Now:

– $BTC has recovered, but we are not yet in a state of euphoria

– Low risk of overheating, higher potential for price increase

– If history repeats, we may be entering the mid-stage of a major uptrend

💡 Key Takeaway:

BTC is likely in the middle of a cycle. Smart money has flowed in, but investor euphoria has not yet appeared.