We are in the orange zone in the chart, which means that the price of Bitcoin is above the cost price for long-term holders, but Bitcoin has not yet made a new all-time high, and if the price of Bitcoin exceeds $69,000, we will enter the green zone. Finally, the MVRV indicator, when the MVRV is in the lower green zone, it is the best Bitcoin accumulation area, and at present we are far from the best accumulation zone, with the future Bitcoin halving, there will be a new all-time high, and the indicator will start to approach the upper red zone, which means that the new cycle has peaked.