CryptoQuant Analyst: Bitcoin Entering 'Value Accumulation Zone,' Downside Limited

Huo Xing Finance reports that, on April 17, according to CryptoQuant data, the Bitcoin Composite Market Index (BCMI)—composed of MVRV, NUPL, SOPR, and the Fear & Greed Index—is currently testing a key historical pivot zone. Analyst Woominkyu (@Woo_Minkyu) noted that the BCMI has declined to the 0.2–0.3 range. While an immediate "V-shaped" reversal is not guaranteed, this zone historically corresponds to deeply undervalued levels for BTC. Historical data confirms that the current pullback has reset realized value and market sentiment to levels not seen since early 2023; however, the 90-day moving average (white line) remains in downward slope. From a conservative standpoint, it is necessary to wait for this slope to flatten, which would signal the final exhaustion of selling pressure. Additionally, analyst Woominkyu believes the market is entering a "value accumulation zone," where downside space is narrowing relative to long-term upside potential. Nevertheless, price stabilization must still be confirmed to validate a bottom signal for the index.