Bitcoin's MVRV Ratio Surpasses 365-Day Average, Signals New Bull Market

According to Glassnode's analysis, Bitcoin has shown signs of entering its next bull market, reminiscent of the past two cycles. This comes as the MVRV (Market Value to Realized Value) ratio has surpassed its 365-day moving average.

The MVRV ratio measures the current market value of a coin against its realized value, which is the total amount of money spent on buying and selling the coin over time. When this ratio exceeds its long-term average, it often signals that a new bull run is underway.

Notably, Bitcoin's MVRV has consistently followed this pattern in past cycles, with each subsequent peak surpassing the previous one. As such, Glassnode believes that the current reading could be indicative of a new bull market on the horizon.