The 13-year bull market started around MVRV = 1.75

The 17-year bull market started around MVRV = 1.75

The 21-year bull market started around MVRV = 1.75

This wave's $74K extreme pullback, MVRV just happened to touch around 1.75

The indicator above in the chart is the Bitcoin price; the indicator below is Bitcoin MVRV (Market Value to Realized Value)

Note: Bitcoin MVRV (Market Value to Realized Value) is an on-chain metric defined as the market capitalization of Bitcoin (Market Value) divided by the total cost basis of holders (Realized Value)

MVRV > 1: Market capitalization is higher than the total cost basis of holders, indicating that investors are generally in a profitable state, which may suggest the market is overheated or in a bubble;

MVRV < 1: Market capitalization is lower than the total cost basis of holders, indicating that investors are generally in a loss state, which may suggest the market is undervalued or at the bottom;

MVRV ≈ 1: Market valuation is close to the total cost basis of holders, and the market is in a relatively balanced state.