In 2021, when Bitcoin reached 60,000, the MVRV peaked, meaning that most holders were in profit. After May 19, when the price reached a new high of 69,000 in November, there was a clear divergence between MVRV and price, marking the peak of Bitcoin. Compared to this round, after dropping from 73,777 to over 100,000, a similar divergence occurred. The previous peak was at 110,000, and now looking at this surge to 105,000, MVRV is still below 2.5, showing an even more serious divergence. The conclusion is that even if Bitcoin breaks the historical high this time, there won't be a significant breakthrough. In May, talking about 150,000 or 200,000 is unrealistic. However, a key position is if Bitcoin can successfully stand above 127,000, it will break this divergence pattern, and we can go TO THE MOON.