I just noticed that Bitcoin is in a quite interesting situation. The BTC MVRV index has dropped to 1.1, almost entering the undervalued zone similar to those in 2015, 2019, and 2020. Every time this index falls below 1, there’s usually a strong rally a few months later.

But what’s different this time is that the cycle peak is weaker than usual. Bitcoin has never clearly reached an overvalued zone like in previous cycles, so the bottom this time might also be different. Some analysts suggest that if the peak is weak, the bottom may not be as deep as expected.

Additionally, the realized loss volume for BTC has recently reached $2.3 billion over a 7-day average. This is one of the largest loss events in Bitcoin history, comparable to the Luna and FTX crashes in 2022.

Currently, BTC price is around $66,940. From the all-time high of nearly $126,080 in October 2025, it has been continuously declining. Some set a potential support level between $40,000 and $60,000, depending on how the market develops. To confirm a true bottom, there needs to be a return of institutional capital or stable miners. Now, it’s just waiting to see how the market reacts when valuations are already quite low.