According to GlassNode analysis, although Bitcoin performed well last year and the price rose sharply, the MVRV indicator has not yet reached the level of 3.2, which usually represents the extreme frenzy of the market. If the MVRV value of Bitcoin reaches 3.2, then the price of Bitcoin will reach about $132,000 based on the current realized market cap. MVRV levels: MVRV (Market Value to Realized Value) is an indicator that measures the valuation of the Bitcoin market. The calculation method is MVRV = Market Cap/Realized Market Cap. The higher the MVRV ratio, the higher the market valuation, the possible bubble; the lower the MVRV ratio, the lower the market valuation, the possible undervaluation.