Bitcoin's MVRV Level Remains Below Key Threshold

According to Odaily, Glassnode analysis indicates that despite Bitcoin's impressive rebound last year, the MVRV (Market Value to Realized Value) level in this cycle has not surpassed 3.2, a threshold typically associated with extreme excitement. Reaching this level would equate to a Bitcoin price of approximately $132,000. The MVRV ratio is a metric used to assess Bitcoin's market valuation, calculated as market value divided by realized value. A higher MVRV ratio suggests a higher market valuation, potentially indicating a bubble, while a lower ratio may imply undervaluation.