From a broader perspective, BTC is far from being overvalued. Compared to 126K, it is now clearly more suitable for gradual accumulation of BTC, as most of the supply in the market was in profit at that time. Currently, most of the supply is in loss. Historically, when the majority of supply is in loss, it often presents a good opportunity for long-term accumulation of BTC.
However, in each cycle, it usually takes several months of sustained loss to form a macro bottom, and a new low cannot be ruled out. When 50% or more of the total supply is in loss, BTC is often close to a macro bottom.
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