Looking at BTC's MVRV indicator data, this cycle has not actually experienced a true upward trend. The previous accumulation phase was just prolonged due to various factors, like a slow sideways consolidation. The real big move is still brewing, and when the MVRV indicator enters the red zone, that will be the true turning point of this cycle — the signal that the main upward wave is truly starting. In other words, we are still in the waiting phase, and patience is key.