Key Notes
- The 2-year MVRV Z-Score shows Bitcoin at its lowest historical levels, comparable to previous major market bottoms in 2018 and 2022.
- Analyst Michaël van de Poppe identifies a hidden bullish divergence following October’s massive liquidation event and subsequent price crashes.
- Large traders are positioning bullish with high-leverage longs on BTC and ETH while Arthur Hayes accumulates altcoins including ENA, ETHFI, and PENDLE.
Bitcoin
BTC
$91 457
24h volatility:
1.4%
Market cap:
$1.82 T
Vol. 24h:
$68.45 B
has reclaimed the $91,000 price while traders wonder if the bottom is in for the leading cryptocurrency and other digital assets. In this idea, Michaël van de Poppe highlighted that BTC is “at the most oversold levels in history,” according to an onchain indicator.
The indicator is the MVRV Z-Score, using the 2-year rolling variant. Basically, MVRV calculates Bitcoin’s current “market value” against the network’s collective cost basis, called “realized value.” The 2-year Z-score measures the standard deviation of this metric within a two-year window, offering cycle-oriented insights.
Based on this indicator—showing the lowest levels in the asset’s history, including the 2018 bottom and the 2022 “FTX/LUNA” bottom—BTC could now be at one of the most obvious bottoms, primed for a fast recovery, according to van de Poppe.
#Bitcoin is at the most oversold levels in history.
Yet, people wanted to buy at these levels at $120K and are now looking to buy at $60K.
Never change the markets, however, the chances of this market to recover as fast as they do, are significantly larger when you look at the… pic.twitter.com/k3X0EHskZu
— Michaël van de Poppe (@CryptoMichNL) November 27, 2025
More Bitcoin and Crypto Analyses
The analyst later shared another analysis on Bitcoin, highlighting what he believes is a hidden bullish divergence in a “clear uptrend for BTC.” These indicators surge after the leading cryptocurrency has gone through one of its “heaviest” crashes, following October 10’s unprecedented liquidation event and further drops in a scenario described by BitMine’s chairman as a Fed’s quantitative tightening (QT)-like event for crypto.
Besides Bitcoin, Michaël van de Poppe is also looking at NEAR
NEAR
$1.94
24h volatility:
0.5%
Market cap:
$2.48 B
Vol. 24h:
$147.15 M
in what he deems an opportunity and “probably one of the single best opportunities to be accumulating a position.” This is because NEAR is currently trading close to its cycle lows, returning to “October 10 levels.”
Probably one of the single best opportunities to be accumulating a position into $NEAR.
It’s swimming around the cycle low and has gone back to the October 10th levels.
That’s not bad, that’s an opportunity and that’s mostly correlated to the market environment rather than the… pic.twitter.com/jbAUgmpj0u
— Michaël van de Poppe (@CryptoMichNL) November 27, 2025
Notably, NEAR goes through an interesting moment, with significant developments improving the sentiment around the project while its price lags at a year-long support zone, as Coinspeaker reported. Brave recently added Near Protocol’s stack for AI privacy and verifiability, followed by Kalshi, one of the leading prediction markets, adding support for the token in its platform. Moreover, NEAR Intents volume and revenue have been growing significantly while earning major industry support one month after the NEAR token had its inflation halving approved, reducing annual emissions from 5% to 2.5%.
Other market signals also point towards a bottom formation as whales and prominent figures position themselves with a bullish bias. Coinspeaker saw three large Hyperliquid traders opening high-leverage long positions on Bitcoin and Ethereum
ETH
$3 025
24h volatility:
0.3%
Market cap:
$364.58 B
Vol. 24h:
$18.16 B
on November 26, while Arthur Hayes entered a buying spree, accumulating ENA, ETHFI, and PENDLE. Hayes is the former BitMEX CEO and one of crypto’s most influential analysts, who have also been buying and promoting Zcash
ZEC
$501.8
24h volatility:
3.5%
Market cap:
$8.26 B
Vol. 24h:
$940.55 M
in his X account.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility.