Analysis: Bitcoin may not have bottomed yet

CryptoQuant Senior Analyst Julio Moreno said via X that it is too early to conclude that the Bitcoin price has reached a bottom. He stated: “All valuation metrics are in correction territory. It can take more time.” To back up his assertion, Moreno pointed out that the MVRV (Market Value to Realized Value) indicator remains below the 365-day moving average, a bearish signal.