Market valuation shows neutral point, Yellow region (1.50-2.50), which during Bitcoin bullish market is the best time to buy.
In this phase the Bitcoin price tends to test its convictions and drive out those who are speculating in the short term, causing them to sell their assets at suggestively cheap prices for accumulating hands that identify this period.
Only during bear market will then the Green region (0.50-1.00) be tested, strongly signaling undervaluation of the market.
The Red region (4.50-6.00) is the critical point in the MVRV, where it has signaled in all previous cycles, the major top.
This is because the distortion between market capitalization vs. realized capitalization is sharply indifferent, thus generating the behavioral combination end-of-cycle post Halving.
Therefore, the bullish cycle is still happening and in the middle of this path there will be volatility. Market valuation strongly suggests Bitcoin is cheap!