MVRV

Japanese-language commentary is questioning whether Bitcoin has truly found its market bottom, weighing five on-chain and chart indicators against the theory of a four-year market cycle. The analysis cites metrics such as MVRV and discusses Bitcoin ETF flows, price forecasts and chart patterns. Interest reflects ongoing uncertainty about whether the current BTC downturn marks a cycle low or further downside ahead.

Bitcoin's long-term holders have remained in profit throughout the current bear market, a situation not seen since 2015. The LTH-MVRV ratio, which compares the value of coins held long-term against their purchase price, has stayed above 1, meaning these holders are still sitting on gains despite broader price declines. Analysts see this as a sign of stronger conviction among long-term investors compared with previous downturns.