[Update of BTC on-chain indicators] The current large-scale correction before and after the halving of BTC mining output still replicates 2016-2017 well.

The current BTC trend is good and replicates 2016-2017. A slower bull market is healthier😎

The black line in the figure is the current BTC: MVRV indicator, and the red line is the BTC: MVRV indicator in 2016-2017. The two end lines overlap and align the respective BTC production halving days.

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 the purchase cost of all BTC, that is, market value/cost. The MVRV in the figure is a personal modification, and the BTC on the chain that has not been moved for more than 7 years is regarded as long-term dormancy or loss and excluded from the calculation.