Bitcoin's current price is approximately 70% below its estimated fair value based on mining energy cost models, according to analysts focused on production economics. The MVRV Z-Score, a metric used to assess market valuation, has reached its lowest point in 14 months, a level historically associated with accumulation phases. Miners are contending with increasing energy costs and shrinking profit margins, while ongoing difficulty adjustments add further pressure. The coming weeks are expected to be crucial for determining the market's direction.