According to Golden Finance, Julio Moreno, head of research at CryptoQuant, posted on social media that it cannot be said that the price of Bitcoin has bottomed out now, and all valuation indicators have entered the adjustment range, and this process may take more time. For example, the MVRV is below its 365-day moving average (every break below takes time to adjust). Note: MVRV is a relative indicator, which is the ratio of circulating market cap (MV) and realized market cap (RV).