According to Odaily analyst Murphy, Bitcoin’s recent drop has brought its price closer to its estimated fair value of approximately $98,000. This estimation is based on the historical average calculated from the MVRV indicator, representing the market valuation range during regression. Currently, the gap between Bitcoin’s price and the average cost of active chips is minimal, suggesting that bubbles have nearly dissipated. Murphy believes a value-buying opportunity may arise if the market remains rational. However, if the decline continues, it could enter an irrational phase or a confidence collapse zone. Data indicates that the proportion of Bitcoin’s profitable supply (PSIP) stands at 72%, reaching the upper limit range of a bull market correction (70%-75%). Excluding Satoshi Nakamoto and lost BTC, the proportion of chips in floating loss is close to 40%. Furthermore, the ratio of losses among long-term holders has surged significantly. This suggests that the market may have reached a cyclical bottom. Analysts believe this correction might be the peak of a bull market adjustment; if not, it could signal the start of a new bearish cycle.