Julio Moreno, the research director of CryptoQuant, posted on social media that it cannot be said that the price of Bitcoin has bottomed out now, as all valuation indicators have entered the adjustment range, and this process may require more time.
For example, MVRV is lower than its 365-day moving average (each time it falls below, it needs time to adjust).
Note: MVRV is a relative indicator, which is the ratio of circulating market value (Market Cap, MV) and realized market value (Realized Cap, RV).