Bit Tiger Diary: MVRV is still halfway up the mountain, the green zone is the real battlefield Brothers, this orange line is called MVRV Z-Score, which can be understood as the degree of deviation of market prices from the cost of holding coins across the entire network. The iron law of history is clear at a glance: Look at those red box markings - every real bear market bottom in 2015, 2019, and 2022 has a hard standard: MVRV must deeply penetrate the green area and "lie flat" inside for a period of time. What does this represent? When the market value is lower than the realized value, it means that the entire network is losing money on average, and panic is at its peak. That is the true moment of "blood flowing like a river". ⚠️ Current awkward position: Now look at the red arrow on the far right - although the indicator has fallen from a high level, it still hangs in the neutral zone, with a clear distance from the green "despair zone". It's like you're only halfway through the diving action, and the water hasn't stopped splashing. Now when we go in to buy the bottom, what we find is not 'blood chips', but' buying heroes' halfway up the mountain. Discipline of Traders: That's why I persist in waiting for the range of 35000 to 50000. It's not that I'm pessimistic, but the data tells me that only when MVRV falls deep into the green zone and the price reaches the target level, is it the true golden hitting point. The wisdom of controlling hands: The biggest test of a bear market is not technology, but whether it can withstand the moment when 'everyone is desperate'. The best strategy when the indicator has not yet entered the green zone is to continue waiting. Don't fall in the dark night before dawn. Bitcoin BTC MVRV on chain data bear market rhythm