According to Odaily, IntoTheBlock senior researcher Juan Pellicer has indicated that most crypto assets have not yet approached their historical high valuation ranges. For instance, Bitcoin's highest MVRV (Market Value to Realized Value) ratio this year is around 2.64, whereas in the previous cycle, it reached as high as 3.68. The disparity is even greater for many altcoins. Despite bearish signals, the ongoing participation of retail traders may stabilize prices for Bitcoin and other cryptocurrencies.
The MVRV ratio suggests that the recent sharp declines have created a low-cost buying opportunity, potentially paving the way for Bitcoin's price growth. Additionally, a rebound in institutional inflows and buying pressure in the spot market indicate that Bitcoin's price could retest the $60,534 mark.
