Let's review the peaks of Bitcoin's cycles-

12-year peak, BTC: MVRV reached a maximum of 2.3

16-year peak, BTC: MVRV reached a maximum of 2.2

19-year peak, BTC: MVRV reached a maximum of 2.2

24-year peak, BTC: MVRV reached a maximum of 2.2

The upper indicator in the figure is the BTC price; the lower indicator is BTC: MVRV (Market Value to Realized Value Ratio), which is the ratio of the BTC market price to the overall average purchase price of BTC on the chain. It should be noted that the BTC: MVRV indicator in the figure is a personal modified version, that is, the BTC on the chain that has not been moved for more than 7 years is regarded as long-term dormancy or loss and is excluded from the calculation.