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The current BTC trend is a good replicate of 16-17 years, and the Bull Market is healthier 😎 if it is slower
The black line in the figure is the current BTC: MVRV indicator, and the red line is the 16-17 year BTC: MVRV indicator. The two end lines align their respective BTC production Halving days.
Note: MVRV (Market Value to Realized Value) refers to the ratio of the total market capitalization of on-chain BTC to the total market capitalization at the cost of all BTC purchases, i.e., market capitalization/cost. The MVRV in the figure is a modified version of the individual, which removes BTC that has not been touched on the on-chain for more than 7 years as long-term dormancy or loss.