The MVRV (Market Value to Realized Value) indicator is a critical tool for assessing the current market's overvaluation. By applying monthly (30 DMA) and yearly moving averages (365 DMA) to the MVRV, we can better understand its momentum. Historically, when the 30 DMA crosses the 365 DMA with a steep slope, forming a death cross, it signals a potential bear market. Notably, during the 2015-2018 and 2019-2022 cycles, the 365 DMA's peak coincided with the price peak.

Currently, the MVRV momentum shows no signs of a death cross, and the 365 DMA continues its upward trend. The present MVRV stands at 2.13, suggesting an unrealized profit level of +113%. This indicates that fears of loss or decline may be premature.

In past cycles, the 365 DMA's peak typically formed around the 2.7 level. With the current 365 DMA at 1.9, there may still be room for further growth. This analysis suggests a positive outlook for the blockchain market.