In every cycle, we've seen dips below fair value. Past trends hint at potential sideways movement. Downside risks may be "restrained", thanks to factors like ETFs, Halving, and a less over-extended market than 2019. Note, fair value is on the rise.

The on-chain value map is based on the metrics: realized cap, liquid supply and coin days destroyed.

https://bitcoinstrategyplatform.com/

Thanks! Each prehalving at this point appears remarkably, consistently near fair value.