**Market Analysis: Bitcoin's Upward Trend Supported by MVRV Indicator**

As we approach November, market participants are feeling a mix of anxiety and optimism. A traditional analytical approach, particularly in a market influenced by macroeconomic factors, can provide clarity.

The MVRV (Market Value to Realized Value) indicator is a key tool in assessing Bitcoin's value. Currently, the MVRV stands at around 2, indicating the market's surface value is twice the on-chain estimated value. However, the focus should be on trend-based judgment rather than absolute values.

Using the 365-day Bollinger Band for MVRV and the 4-year average, which typically reflects Bitcoin's cycle, we observe that the MVRV is above this average and has recently surpassed the 365-day average. This suggests that the upward trend remains intact. Historically, cycle peaks occur when MVRV levels reach between 3 and 3.6.

Assuming the Realized Value (RV) remains constant, a 43-77% increase is necessary, translating to a Bitcoin target of $95k to $120k. As the market rises with new buying interest, the RV is likely to increase, potentially forming a peak above these levels, considering previous cycles.

Despite significant gains over the past year, Bitcoin has only returned to the average level on the MVRV indicator, maintaining its upward momentum.