Analyst: BTC MVRV indicator at lowest since Oct. 2022, suggesting cooldown

Glassnode analyst Chris Beamish said on X that Bitcoin's MVRV-Z score has dropped to its lowest level since October 2022. He noted this is a similar level to when Bitcoin was trading around $29,000. According to Beamish, the decline suggests that the market overheating seen in past bull runs is resolving and the BTC price is converging back toward its fair value.