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

Juan Pellicer, senior researcher at IntoTheBlock, said that most crypto assets are not yet close to their historical high valuation range. For example, Bitcoin's highest MVRV (Bitcoin market value to actual value) ratio this year is around 2.64, while in the previous cycle, it was as high as 3.68. For many altcoins, the difference is even greater. Bitcoin, like other cryptocurrencies, has not yet reached a high valuation point, and despite bearish signs, continued retail trading participation may stabilize prices. The MVRV ratio suggests that the sharp drop experienced recently provides a low-price buying opportunity and gives Bitcoin a chance for price growth. In addition, the rebound in institutional inflows and buying pressure in the spot market indicate that the Bitcoin price may retest at $60,534.