CryptoQuant: Bitcoin on-chain MVRV indicator suggests cycle top is approaching

TechFlow news, on July 28, a CryptoQuant analyst stated that the on-chain MVRV 365-day moving average indicator suggests the market may be approaching a cyclical peak. Historically, this metric has closely aligned with market cycle tops and is currently forming a "double-hump camel" pattern similar to that seen in 2021. Based on the same six-month interval pattern, a potential peak could form around September 10; however, since MVRV is a lagging indicator, the actual price peak might occur earlier, possibly by late August. This timeframe coincides with market expectations for a possible Fed rate cut and a shift in macro sentiment. Investors should remain both optimistic and cautious at this stage, strengthen risk management, and stay flexible in their responses.