Golden Finance reported that glassnode analysis said that although Bitcoin performed well last year and its price rose sharply, in this cycle, the MVRV indicator has not yet reached 3.2, a level that usually represents extreme market enthusiasm. If Bitcoin’s MVRV reached 3.2, Bitcoin’s price would be around $132,000 based on current realized market capitalization. Ratio bet: MVRV levels (MVRV levels): MVRV (Market Value to Realized Value) is an indicator of the market valuation of Bitcoin. The calculation method is MVRV = market value / realized market value. The higher the MVRV ratio, the market valuation. The higher the MVRV ratio, there may be a bubble; the lower the MVRV ratio, the lower the market valuation, and there may be undervaluation.