The crypto market is currently showing volatility, with many assets experiencing selling pressure. However, recent on-chain analysis shows positive potential for Bitcoin. The MVRV metric, which is used to assess whether Bitcoin is overheating or not, indicates that Bitcoin has not entered an overheating phase and still has upside potential.

As the cycle progresses, the rate of increase tends to slow down as the market capitalization increases. Based on this trend, the market is expected to overheat when the MVRV value reaches around 3. This shows that even though the crypto market is generally sluggish, Bitcoin still has promising growth opportunities.