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<p>The price of bitcoin (BTC) is currently trading just below $64,000. However, a technical indicator suggests that the flagship cryptocurrency could still have significant upward potential.</p>
<h2 id="h-the-mvrv-z-score-reveals-bitcoin-s-bullish-potential">The MVRV Z-score Reveals Bitcoin’s Bullish Potential</h2>
<p>The MVRV Z-score, which compares the <a href="https://www.cointribune.com/en/bitcoin-is-heading-up-again-is-this-the-beginning-of-the-bull-run/" target="_blank" rel="noopener noreferrer nofollow">market value of bitcoin</a> to its realized value, is a reliable indicator for identifying the peaks and troughs of the BTC cycle. Currently at 1.87, it indicates that bitcoin still has upward potential.</p>
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<p>Historically, during <a href="https://u.today/this-indicator-shows-bitcoin-btc-price-is-still-undervalued" target="_blank" rel="noopener noreferrer nofollow">previous market peaks</a>, the MVRV Z-score usually exceeded 6, even reaching 10.4 in December 2017. In October 2021, when bitcoin peaked at $69,000, the score was 3.66, well below the levels observed at previous highs.</p>
<p>Conversely, an MVRV Z-score below zero often signals an interesting <a href="https://www.cointribune.com/une-opportunite-dachat-possible-sur-bitcoin-btc-analyse-technique-du-28-juillet/" target="_blank" rel="noopener noreferrer nofollow">buying opportunity</a>. In November 2022, it reached its lowest point at -0.36, offering an excellent occasion to enter the market.</p>
<h2 id="h-a-shifting-market-sentiment">A Shifting Market Sentiment</h2>
<p>The “<a href="https://www.cointribune.com/fear-and-greed/" target="_blank" rel="noopener noreferrer nofollow">Fear and Greed</a>” indicator is currently showing a “greed” level of 71, reflecting the growing optimism of investors following the recent rebound in the bitcoin price. However, caution is advised, as BTC remains in a downtrend. Investors should closely monitor the evolution of technical and fundamental indicators before making decisions.</p>
<p>The growing adoption of Bitcoin and regulatory developments, such as the approval of a <a href="https://www.cointribune.com/en/bitcoin-etfs-are-attracting-pension-funds-a-historic-turning-point/" target="_blank" rel="noopener noreferrer nofollow">spot ETF</a> in the United States and Hong Kong, could also positively influence the price in the medium term. The increasing interest from institutional and individual investors in this alternative asset class could support demand and prices.</p>
<p>Although bitcoin is still trading below its all-time highs, the MVRV Z-score suggests bullish potential. However, investors must stay vigilant in the face of the downtrend and adjust their strategies accordingly. A cautious and diversified approach remains advisable in this <a href="https://www.cointribune.com/en/bitcoin-new-record-blockchain-surpasses-one-billion-transactions/" target="_blank" rel="noopener noreferrer nofollow">volatile market</a>.</p>
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Bitcoin, still undervalued and ready to take off?

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