Conversely, the threshold for the bottom has increased over time. Given the steep drop in MVRV so far, it’s possible that BTC could see a smaller drawdown and a quicker bottom than in previous cycles. This would resemble something like global equities, which have multi-month corrections and multi-year bull cycles.
Bitcoin vs. major asset classes YTD
Gold vs OKEx BTC Index vs S&P 500 Hourly price.