According to online reports, CryptoQuant analysts said that the 365 daily moving average of the chain indicator MVRV shows that the market may be near the top of the cycle. This indicator has historically been highly consistent with the top of the market cycle and is currently forming a "Twin Camel" pattern similar to 2021. Analysts expect that following the same six-month interval pattern, a potential peak could form around September 10, but because MVRV is a lagging indicator, the actual price peak could occur earlier to the end of August. This time point is in line with market expectations for the Federal Reserve's possible interest rate cuts and changes in macro sentiment. At this stage, investors should remain optimistic and cautious at the same time, strengthen risk management and remain flexible.