Barry42 on Nostr: The 2013 bull market started at around MVRV = 1.75 The 2017 bull market started at ...

The 2013 bull market started at around MVRV = 1.75
The 2017 bull market started at around MVRV = 1.75
The 2021 bull market started at around MVRV = 1.75
In this extreme correction of $74K, MVRV just fell back to around 1.75
The upper indicator in the figure is the Bitcoin price; the lower indicator is Bitcoin MVRV (Market Value to Realized Value)

Note: Bitcoin MVRV (Market Value to Realized Value) is an on-chain indicator, defined as the total market value (Market Value) of Bitcoin divided by the total cost (Realized Value) of the holder
MVRV > 1: The total market value is higher than the total cost of the holder, indicating that investors are generally in a profitable state, which may indicate that the market is overheated or in a bubble;
MVRV < 1: The total market value is lower than the total cost of the holder, indicating that investors are generally in a loss state, which may indicate that the market is undervalued or at the bottom;
MVRV ≈ 1: Market valuation is close to the total cost of currency holders, and the market is in a relatively balanced state