According to Odaily, Glassnode data reveals that Bitcoin's MVRV Z-Score suggests it is nearing undervalued levels, indicating a potential buying opportunity. Over the past year, this metric has shown significant fluctuations, reflecting Bitcoin's volatile price trends. The MVRV Z-Score assesses whether Bitcoin is overvalued or undervalued relative to its 'fair value.' In March of this year, the Z-Score peaked at around 3 points, coinciding with Bitcoin's rise above $70,000. Since then, the Z-Score has significantly declined. This drop indicates that the market is moving away from potential overvaluation and approaching levels historically associated with undervaluation. As the Z-Score trends towards the lower end, it suggests that Bitcoin may be nearing a period of undervaluation relative to its realized value. Historically, a Z-Score value near 0 indicates a market bottom, suggesting that Bitcoin's current position may offer a favorable entry point for long-term investors.