[Analyst: Bitcoin MVRV Z-Score Drops to Multi-Year Low, Market Undervalued but No Capitulation Signal Yet] Odaily Planet Daily News - CryptoQuant analyst Axel Adler Jr. posted on the X platform stating that Bitcoin's MVRV Z-Score has dropped to approximately 0.42, about four times lower than the historical average of 1.7, indicating that Bitcoin is currently in an undervalued range. However, the indicator has not yet fallen into the negative zone, which means the market has not shown the 'capitulation selling' typically associated with cycle bottoms. Meanwhile, Bitcoin's 7-day realized profit and loss (Realized P/L) has turned positive from negative, currently at approximately $239 million, suggesting that on-chain selling pressure has eased. The analysis suggests that the market is currently in a phase of undervaluation and short-term stabilization, but has not yet shown the capitulation signal required to confirm a cycle bottom, nor is there a clear driver for a new wave of demand.