Over the past 13 to 17 years, Bitcoin’s MVRV indicator has shown a significant large-cycle upward return trend.

This metric reflects the ratio of Bitcoin’s market price to the average on-chain buy price. In the chart, the black line represents the BTC indicator trend since 20 years, while the red line represents the trend from 13 to 17 years.

The two lines each show the timing of Bitcoin’s mining reward halving event.

In particular, the calculation method of this MVRV indicator has been personally modified, and Bitcoins that have not been moved for more than 7 years are regarded as long-term dormancy or lost, and are excluded from the calculation.

This method is intended to more accurately reflect the current active Bitcoin market.

Taken together, these data suggest that the Bitcoin market may experience an enthusiastic upward cycle return phase over the next 14 months.

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