**Bitcoin Market Analysis: MVRV Trends and Potential Bullish Signals**

Recent on-chain data analysis reveals that the MVRV (Market Value to Realized Value) ratio, a critical indicator of Bitcoin's market trends, has shown deviations from historical patterns. Traditionally, the 1-year and 4-year averages of MVRV have acted as significant resistance or support levels.

In March, our evaluation highlighted potential short-term tops and emphasized the importance of risk management. Subsequent analyses in July, August, and September suggested a possible trend reversal, although the anticipated short-term correction was milder than expected.

Currently, MVRV has dipped below both the 1-year and 4-year averages after a brief overheating period. Despite a promising market recovery, the MVRV ratio indicates that Bitcoin remains undervalued relative to the past year. For a sustained bullish momentum, MVRV needs to rise above the 1-year average, potentially triggering a new bullish phase.