Bitcoin recently experienced a significant drop, falling below the $100,000 level for the first time in four months. This resulted in the liquidation of over $1.3 million worth of leveraged long positions and coincided with profit-taking from long-term holders and capitulation by recent buyers. However, several key data metrics suggest this drop to around $98,000 may represent a local bottom for Bitcoin. analysis suggests that the current MVRV ratio – an indicator measuring whether the asset is overvalued – hovering at levels similar to historical bottom formations. This suggests that the market value may be approaching investors’ average cost basis, which could signal an accumulation zone.