CryptoQuant analyst: Bitcoin is entering a 'value accumulation zone' with limited downside potential On April 17th, according to CryptoQuant data, the Bitcoin Composite Market Index (BCMI), consisting of MVRV, NUPL, SOPR, and Fear and Greed Index, is currently testing key historical pivot areas. Analyst Woominkyu (@ WoonMinkyu) stated that the BCMI index has fallen to the range of 0.2 to 0.3. Although there is no guarantee of an immediate "V-shaped" reversal, this region historically corresponds to a deep undervaluation level of BTC. Through data backtracking, BCMI confirms that the current pullback has reset the realized value and market sentiment to levels not seen since early 2023, but the 90 day moving average (white line) is still declining. From a conservative perspective, we need to wait for the slope to level off, which will be a signal that the selling pressure will eventually be exhausted. In addition, analyst Woominkyu believes that the market is entering a 'value accumulation zone', where the downside space is shrinking compared to the long-term upward space. However, we still need to wait for the price to stabilize to confirm the bottom signal of the index.