Bitcoin trading around 92k has brought the usual claims that the move is already “overvalued”.
When you anchor the discussion on the main valuation models rather than on screens and headlines, the story is very different.
On these models Bitcoin at 92k is trading slightly below long term cost, so it does not screen as overvalued.
AHR999, the 200 day bands and MVRV are all cost based or profit based guides. Right now they are clustering in areas that historically belong to cooling phases and trend continuations, not to the closing minutes of a cycle.
This article walks through what each model is doing today and how they line up when viewed together.