Juan Pellicer, a senior researcher at IntoTheBlock, said that most crypto assets are not yet close to their historically high valuation range. Bitcoin, for example, had a high MVRV ratio of around 2.64 this year, while in the previous cycle it was as high as 3.68. For many counterfeit products, the difference is even greater. Bitcoin, like other cryptocurrencies, has not yet reached a high valuation point, and despite bearish signs, continued retail participation could stabilize the price. The MVRV ratio suggests that the sharp decline experienced recently provides a discount opportunity and gives Bitcoin a growth opportunity.