Bitcoin’s MVRV momentum has turned positive. The same shift showed up in 2019 and again in 2023. Glassnode divides the MVRV ratio by its 365-day average, and that line just moved back above 1. MVRV itself is 1.54, against a one-year average of 1.44. The long-run average is 1.8. MVRV is market value divided by the average price holders paid, so a reading above 1 means $BTC is trading above that cost. the chart marks the 2019 and 2023 turns with circles. In both cases the ratio had spent many months below its one-year average before crossing back above it, and higher prices followed. The 2019 turn was also followed by another low in 2020. The signal showed momentum improving. It did not mark the final low of the bear market on its own. 1.54 is a moderate reading, not a high one. Past cycle peaks on this chart came with MVRV above 3. Crossing the one-year average at 1.54 is an early recovery signal, not a sign the market is overheated. 1.54 is the current ratio. 1.44 is the average it just moved above. 1.8 is the long-run mean. Momentum has improved. Whether the bear market is finished depends on price holding that improvement. #Bitcoin Price Prediction: What is Bitcoins next move?# #BTC Price Analysis# $BTC $ETH