[CryptoQuant: Adjusted MVRV Indicator Shows Bitcoin Has Entered Bull Market Phase] CryptoQuant analyst Axel Adler Jr. stated that the 30-day moving average to 365-day moving average ratio of the adjusted MVRV crossed above the 365-day moving average on August 20, signaling Bitcoin's entry into the early bull market phase, with the price at $71,255 at the time. On September 20, the ratio broke above the 1.0 benchmark line, marking Bitcoin's entry into the bull market phase at a price of $80,691. Currently, the ratio stands at 1.018, with Bitcoin priced at $84,156. As long as the ratio remains above 1.0, the bullish structure will remain intact. Since 2012, this is the sixth occurrence of a transition from the early bull market phase to the bull market phase.