Bitcoin (BTC) has reached its most oversold condition ever, according to the 2-year MVRV Z-Score, marking a historic low. Analyst Michaël van de Poppe highlights that this reading surpasses the oversold levels seen during the 2018 market bottom and the 2022 FTX collapse. Despite Bitcoin's price staying above previous bear market lows, this extreme undervaluation could indicate a potential trend reversal, reminiscent of past major cycle shifts.