When #MVRV nears 2.00 (yellow line), Bitcoin previously exceeded $50,000. Rising MVRV with MA30d implies market cap surpasses realized cap, causing increased selling pressure. This phase historically precedes a local top, leading to a strong bull market, pushing BTC to new highs and MVRV to the Distribution range (red line).

After the recent $49,000 peak, a -20% correction occurred. The question arises if this selling pressure will return MVRV to the Accumulation range (green line), as seen in 2019-2020. Despite this, the upcoming Halving event in less than 3 months is a positive catalyst historically marking the start of a new bull market.