**[Bitcoin Price Approaching Fair Value Range, Approximately 40% of Tokens in Unrealized Loss]** Odaily Planet Daily News: Analyst Murphy stated that after the recent decline, Bitcoin is now approaching its fair value of approximately $98,000. This figure is calculated based on the historical average level of the MVRV indicator, representing the central range of market valuation reversion. Currently, the gap between BTC's price and the average cost of active tokens is minimal, with market bubbles almost completely digested. Murphy pointed out that if the market remains rational, value buying is expected to occur within this range; if the price continues to drop, it may enter an irrational phase or a confidence collapse zone. Data shows that the percentage of Bitcoin's profitable supply (PSIP) is at 72%, already at the extreme range of a bull market correction (70%-75%). Excluding Satoshi Nakamoto's holdings and lost BTC, the proportion of tokens in unrealized loss is close to 40%. Additionally, the proportion of losses among long-term holders has risen significantly, indicating that the market may have entered a cyclical bottom range. Analysts believe that if this correction is not the limit of a bull market adjustment, it may signal the beginning of a new bearish cycle.