According to the latest on-chain data analysis, despite Bitcoin recently reaching an all-time high, its Market Value to Realized Value (MVRV) metric indicates that the price is still undervalued. Currently, the MVRV-Z score has dropped from 3.3 last week to 2.84, below the historical threshold of 3.7, suggesting that the asset is undervalued. This metric is calculated by dividing the difference between market capitalization and realized capitalization by the standard deviation, implying that Bitcoin may experience a strong recovery in the coming weeks.