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CryptoQuant Analyst: Bitcoin is entering the "value accumulation zone," with limited downside potential

By: rootdata|2026/04/17 15:42:01
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According to Cryptoquant, the Bitcoin Comprehensive Market Index (BCMI), composed of MVRV, NUPL, SOPR, and the Fear and Greed Index, is currently testing a historically key pivot zone. Analyst Woominkyu (@Woo_Minkyu) stated that the BCMI index has fallen to the range of 0.2 to 0.3. While it does not guarantee an immediate "V-shaped" reversal, this area historically corresponds to deeply undervalued levels for BTC.

Through data backtracking, BCMI confirms that the current pullback has reset realized value and market sentiment to levels not seen since the beginning of 2023; however, the 90-day moving average (white line) is still trending downward. From a conservative perspective, it is necessary to wait for this slope to flatten, which will signal the exhaustion of selling pressure. Additionally, analyst Woominkyu believes the market is entering a "value accumulation zone," where the downside potential is shrinking compared to the long-term upside potential. However, it is still necessary to wait for price stabilization to confirm the bottom signal of the index.

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