Gate News message, April 17 — According to CryptoQuant analyst Woominkyu, Bitcoin’s Composite Market Index (BCMI) is currently testing a critical historical pivot level, with the index declining to the 0.2–0.3 range, signaling that BTC is in one of its deepest historical undervaluation zones.
The BCMI is composed of MVRV, NUPL, SOPR, and the Fear & Greed Index, with MVRV weighted at 30% and NUPL at 25%. The current correction has reset realized value and investor sentiment to levels unseen since early 2023, according to the analyst.
Woominkyu noted that the 90-day SMA remains in downtrend and requires the slope to flatten to confirm the exhaustion of selling pressure and price stabilization.
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