According to Odaily, Glassnode analysis indicates that despite Bitcoin's impressive rebound last year, the MVRV (Market Value to Realized Value) level in this cycle has not surpassed 3.2, a threshold typically associated with extreme excitement. Reaching this level would equate to a Bitcoin price of approximately $132,000. The MVRV ratio is a metric used to assess Bitcoin's market valuation, calculated as market value divided by realized value. A higher MVRV ratio suggests a higher market valuation, potentially indicating a bubble, while a lower ratio may imply undervaluation.