[Analyst: Bitcoin MVRV Ratio Recently Fell Below the 365-Day Moving Average, Possibly Indicating a 'Cyclical Bottom'] CryptoQuant analyst ShayanMarkets stated that Bitcoin's Market Value to Realized Value (MVRV) ratio is an indicator used to assess whether the asset is overvalued or undervalued. Recently, this ratio fell below its 365-day moving average, suggesting that the Bitcoin market may be forming a 'cyclical bottom.' In a report published on Monday, the analyst noted: 'The MVRV ratio is currently near 1.9, slightly below its 365-day moving average. Historically, every time this ratio falls below the 365-day Simple Moving Average (SMA), it signals a buying opportunity and the emergence of a local bottom.' The last occurrences of this pattern were in mid-2021, June 2022, and early 2024, after which Bitcoin prices rose by 135%, 100%, and 196%, respectively. This consistent trend indicates that Bitcoin is once again 'entering an undervalued phase, during which long-term holders typically begin accumulating.' If history repeats itself, Bitcoin's price could embark on a long-term recovery. The analyst predicts that if the final phase of the bull market begins, the short-term target price could be around $115,000, with potential highs reaching $190,000.