There are some technical indicators to support the claim that BTC has not bottomed yet. However, other indicators point to Bitcoin's undervaluation.

Indicators based on unspent transaction output (UTXO) and miner statistics give good reasons to keep Bitcoin for more than a year. For long-term holders, these indicators are vital to gauge the sentiment on whether Bitcoin is undervalued. According to on-chain analysis data from CryptoQuant, there is an increase in MPI (Miners Position Index).

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MPI is the ratio of all miners' outputs to their 365-day moving average. As miners see less profit, MPI increases, whereas mining difficulty is high.

   “The data shows a miner capitulation that typically precedes market bottoms in previous cycles.”

On the other hand, some other cyclical indicators suggest that Bitcoin is near the bottom. Currently, the indicators point to the crypto market being at a massive unrealized loss. Net Unrealized Profit/Loss (NUPL), Market Value to Realized Value Ratio (MVRV), Realized Cap-UTXO Age Bands, Output Profit Spent (SOPR) and Puell Multiple are in the same direction. Also, data on Bitcoin volumes shows that the price may need to consolidate in the current range as the value space is very low around $10,000.

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Bitcoin is trading at $20,830, up 0.39% in the last 24 hours, according to CoinMarketCap. There is a slight change in Bitcoin from the weekly deviation of 0.79%. Bitcoin's close last week was unusual as the weekly candle closed below the 200-week moving average. This indicator is considered important by traders to gauge Bitcoin's support level.

MMCrypto, a crypto enthusiast, thinks Bitcoin is seriously undervalued. "Bitcoin is severely undervalued right now. It's the same price as 4.5 years ago. And the currency supply has doubled."