Based on the research by IntoTheBlock researcher Juan Pellicer, it has been found that most cryptocurrencies, including Bitcoin, have not yet reached their historically overvalued zones. Specifically, regarding Bitcoin, while its highest MVRV ratio this year reached 2.64, this value is significantly lower compared to the peak of 3.68 from the previous cycle. For many altcoins, this disparity is even more pronounced. Although there are some bearish signals, ongoing retail participation seems to have somewhat stabilized price fluctuations. Notably, the analysis of the MVRV ratio indicates that recent market declines have provided an opportunity for investors to buy, suggesting that Bitcoin has further growth potential.