Bitcoin is showing a rarely noticed signal, repeating history. The MVRV Ratio (Market Value/Realized Value) is entering the key zone seen after the bottoms of several major cycles in the past. Simply put, MVRV measures: how much money people who are buying Bitcoin now have made overall. When MVRV approaches 1, it means the average market holding cost is close to the current price, and a large amount of tokens no longer have profit margins. Historically, similar phases occurred at cycle bottoms in 2015, 2018, and 2020. Interestingly, this time Bitcoin's price has already returned to around $74,000, but MVRV hasn’t skyrocketed like it did during the late stages of previous bull markets, indicating that extreme greed hasn’t appeared in the market. Everything is just getting started.