Bitcoin Reclaims $91,000 Amid Historical Oversold Levels

Bitcoin has reclaimed the $91,000 price level. Analyst Michaël van de Poppe identifies that Bitcoin is at historically oversold levels based on the MVRV Z-Score indicator. This suggests a potential market bottom and possible fast recovery.

The MVRV Z-Score uses a two-year rolling variant to gauge Bitcoin's market value against its realized value, offering insights into historical cycle bottoms like in 2018 and during the 2022 "FTX/LUNA" crisis.
Van de Poppe notes a hidden bullish divergence in Bitcoin's recent trend, following significant market events and a major liquidation event on October 10.

Besides Bitcoin, van de Poppe sees NEAR Protocol as an opportunity due to its trading near cycle lows. Recent developments include:

Brave integrating NEAR's stack for AI privacy and verifiability.
Kalshi adding NEAR support on its platform.
NEAR Intents volume and revenue growing after its inflation halving, reducing emissions from 5% to 2.5%.

Market signals suggest a bottom formation, with large traders opening long positions on Bitcoin and Ethereum. Prominent figures like Arthur Hayes are actively buying assets such as ENA, ETHFI, PENDLE, and promoting Zcash.