The Head of Research at CryptoQuant believes it may still be too early to declare a bottom for Bitcoin. According to on-chain data, all valuation metrics are in correction territory, suggesting that more time may be needed for a bottom to be reached. One indicator mentioned is the Market Value to Realized Value (MVRV) Z-Score, which compares the market cap of Bitcoin against its realized cap to determine the profit-loss status of investors. The MVRV Z-Score has experienced a sharp decline due to the recent price crash, but it remains above the zero mark. The metric has also lost the 365-day moving average, which historically leads to periods of struggle for Bitcoin's price. The length of time Bitcoin stays under this level will determine when a bottom is reached. Bitcoin is currently trading around $86,300, down more than 11% in the last seven days.



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