Key BTC on-chain metric nears bottom, signaling end of bear market

Bitcoin's MVRV-Z Score, a metric calculated by dividing the difference between an asset's market and realized value by the standard deviation of its market cap, is approaching levels seen at the bottom of previous major bear markets, raising the possibility of a market recovery. According to an analysis by CoinDesk, the score is currently at 0.24, placing it just above the green zone near zero, an area historically considered a strong buying signal. The analysis noted that in the bear markets of 2014, 2018, and 2022, strong rebounds began after the indicator fell below zero.