The Bitcoin Miner Cycle Stress Composite Index has reached a new low in 2026, entering a historically undervalued zone, according to analyst @gaah_im. This index, which combines the Puell Multiple and the Inverse Miner Capitulation Index, reflects miner revenue and cost dynamics. Historically, synchronized declines in this index have coincided with major Bitcoin cycle bottoms, as seen in 2015, 2018, 2020, 2022, and 2024. The index's current level suggests miner stress is at a historically rare level, reminiscent of the 2015 capitulation when Bitcoin's price plummeted from $300 to $160 in a week. This development indicates potential undervaluation in the Bitcoin market, as the index's behavior aligns with past cycle bottoms.