On August 20, the Adjusted MVRV 30DMA/365DMA ratio crossed above its own 365-day moving average. At that point, the market entered the Early Bull phase. BTC was trading at $71,255 that day. The Early Bull phase lasted 31 days, during which Bitcoin gained 13%. On September 20, the ratio broke above the 1.0 Base Line, meaning the short-term MVRV average moved above the annual one. With that crossover, the market entered the Bull phase at a price of $80,691. The ratio currently stands at 1.018, with BTC at $84,156. The structure remains bullish as long as the ratio holds above 1.0. Since 2012, this is the sixth Early Bull -> Bull transition. In four of the previous five cases, the Bull phase ended above the entry price. The exception was August 2015: the Bull phase lasted just 16 days before the market fell back into Early Bull, then re-entered Bull in October and resumed its advance.