According to Odaily Planet Daily, on-chain analyst Murphy stated that Bitcoin's current fair price is approximately $97,000. This value, calculated based on the historical cumulative average of MVRV, represents the "reasonable valuation center" of the market during mean reversion. Over the past decade, this fair price curve (blue line) has served as a near-bull-bear dividing line during three cycles: even during bull market pullbacks, BTC has never significantly fallen below this line. A return to this level often triggers strong buying.

Murphy noted that BTC has been trading above fair value for nearly two years in this cycle, approaching but not falling below the blue line three times: during the "favorable impact" phase following the ETF approval, the yen carry position liquidation event in August 2024, and the tariff crisis in April 2025. If one believes the current bull market remains in place, a price-effective buy point could be when BTC approaches $97,000. If one believes the cycle has turned bearish, then one could wait for a deeper correction. This analysis is for educational purposes only and does not constitute investment advice.