The Market Value to Realized Value Z-Score (MVRV Z-Score) is a market alarm system indicating when Bitcoin is trading above or is massively undervalued.

Every time the MVRV Z-Score dropped below zero, Bitcoin rose by at least 300% in the cycle that followed.

During all past big Bitcoin crashes (2015, 2018, and 2022), the MVRV Z-Score always dropped below zero.