Julio Moreno, head of research at CryptoQuant, posted on social media that it is impossible to say that the price of Bitcoin has bottomed out, and all valuation indicators have entered a correction range, a process that may take more time. For example, MVRV is below its 365-day moving average (each break takes time to adjust). Note: MVRV is a relative indicator that measures the ratio of market cap (MV) to realized cap (RV).