The Z-Score chart of MVRV as of the end of April 2025 shows that the market is not overly hot. The current Z-Score is around 2–3 — much lower than the historical "red zone" (Z > 7) where the peaks of the $BTC cycle usually occur.

📉 This means:
The market is still in a phase of accumulation or moderate growth.
There is still potential for price increase — in previous cycles, major bullish moves started from similar Z Point levels.
The current Z point indicates the absence of crowd excitement.
📊 Conclusion: #Bitcoin has not yet entered the final stage of the parabolic bull run. Historically, the largest bull runs occur after similar consolidation phases.
⚠️ While the crowd remains cautious, the upward trend continues to gain momentum.