PANews reported on October 22nd that CryptoQuant analyst ShayanMarkets stated that Bitcoin's market value to realized value (MVRV) ratio, an indicator of whether the asset is overvalued, recently fell below its 365-day moving average, suggesting that the Bitcoin market may be forming a "cyclical bottom." The analyst stated in a Monday report: "The MVRV ratio is currently close to 1.9, slightly below its 365-day moving average. Historically, each time the ratio falls below the 365-day simple moving average (SMA), it has signaled a buy opportunity and a local bottom." The last time this occurred was in mid-2021, June 2022, and early 2024, followed by Bitcoin price increases of 135%, 100%, and 196%, respectively. This persistent pattern suggests that Bitcoin is once again "entering a phase of undervaluation, where long-term holders typically begin to accumulate." If history repeats itself, Bitcoin's price could embark on a long-term recovery. The analyst predicts a short-term price target of approximately $115,000, or even as high as $190,000, if the final phase of the bull market begins.