IntoTheBlock Researcher: Bitcoin's MVRV ratio suggests its price has not yet reached historical peak

Juan Pellicer, a senior researcher at IntoTheBlock, stated that most cryptocurrencies have not yet approached their historical overvaluation ranges. For example, Bitcoin's highest MVRV ratio this year is around 2.64, while in the previous cycle it was as high as 3.68. The difference is even greater for many altcoins. Like Bitcoin and other cryptocurrencies, they have not reached an overvalued point yet; despite bearish signs, sustained retail participation may stabilize prices. The MVRV ratio indicates that the recent sharp decline has provided a discount opportunity and given Bitcoin a chance to grow.