Let’s use some on-chain data + technical analysis, and carve a 23-year calf top🐶

The three lines in the figure are #BTC : MVRV indicators of different periods in history. The start date of the three lines is the halving day of the mining output in each cycle, and the end date is the halving day of the mining output in the next cycle. The end dates of the three lines are displayed in alignment. The black line is the current period.

Note: MVRV (Market Value to Realized Value) refers to the ratio of the total market value of BTC on the chain to the total market value calculated based on all BTC purchase prices, that is, spot price/cost price.