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