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The Bitcoin Z-score indicator has reached its lowest level since October 2022.
According to a report released by Glassnode analyst Chris Beams, Bitcoin’s MVRV-Z score has reached its lowest level since October 2022. This decline in the Z-score indicator suggests that the market’s overheating may finally be cooling down.
Market Signals Indicated by the Z-Score
Data analysis from NS3.AI indicates that the recent drop in the Z-score corresponds to levels seen when Bitcoin was trading around $29,000. The downward trend of this indicator is considered an important signal of a potential turning point in the market cycle. A low Z-score reflects that market participants are regaining composure.
Approaching Fair Value Levels
Current movements in the Z-score indicator suggest that Bitcoin’s price is increasingly aligning with its fair market value. Unlike during previous overheating periods, the current market appears to be functioning with a more rational price discovery mechanism. The improvement in this Z-score indicator is recognized as a sign of increased maturity in the Bitcoin market.