Bitcoin Bear Market May Be Over as Glassnode MVRV Momentum Turns Positive
Bitcoin's bear market may already be over, according to a market signal highlighted by Coin Bureau using a chart from blockchain analytics platform Glassnode. The indicator, known as the Market Value to Realized Value (MVRV) ratio, has turned positive in a development that resembles recovery signals observed in 2019 and 2023.
Coin Bureau reported that Bitcoin's MVRV momentum has shifted into positive territory, while the MVRV ratio currently stands at 1.54, above its annual average of 1.44. The readings suggest that bullish momentum may be returning to the Bitcoin market, although they do not independently confirm that a bear market has ended.
Bitcoin MVRV Ratio Moves Above Its Annual Average
The MVRV ratio compares Bitcoin's market value with its realized value, which is derived from the prices at which coins last moved on-chain. The indicator is commonly used to assess the relationship between Bitcoin's current market valuation and the aggregate value of coins based on their last on-chain movement.
According to the figures highlighted by Coin Bureau, Bitcoin's MVRV ratio of 1.54 is above its annual average of 1.44. This places the indicator above its stated yearly benchmark, while the reported shift in MVRV momentum provides an additional signal that market conditions may be improving.
However, the ratio should not be interpreted as a standalone prediction of Bitcoin's next price movement. MVRV offers a valuation perspective based on on-chain data, and its implications depend on the broader market environment and how the indicator develops over time.
Recovery Signal Draws Comparisons With 2019 and 2023
Coin Bureau's analysis points to similarities between the current MVRV momentum signal and patterns observed during Bitcoin market recoveries in 2019 and 2023. Those historical comparisons are central to the argument that the latest change could indicate a transition away from bearish conditions.
The comparison does not establish that Bitcoin will follow the same trajectory as it did in either previous period. Similar indicator readings can emerge under different market conditions, meaning historical parallels provide context rather than a guarantee of future performance.
The distinction is important when assessing whether a bear markets has ended. A positive momentum reading can indicate improving conditions, but the signal alone does not establish that Bitcoin has entered a sustained upward trend or that further declines are no longer possible.
What the Latest Bitcoin Signal Shows
The figures shared by Coin Bureau identify two key developments: Bitcoin's MVRV momentum has turned positive, and the ratio has reached 1.54 against an annual average of 1.44. Together, these readings form the basis of the latest argument that bearish conditions may be easing.
For now, the conclusion remains tentative. Coin Bureau's assessment, based on a Glassnode chart, raises the possibility that Bitcoin's bear market has already ended, but the available figures do not confirm a definitive market reversal.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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