It appears we have once again peaked on the NVT Signal indicator. As you can see by the 100% strike rate, we are nearing a top. Bitcoin's price, as of publishing, is within 10% of a new ATH.
NVT Ratio was created as an alternative to the traditional P/E Ratio that stocks have. NVT Signal is a derivation of NVT Ratio, and performs better than its predecessor.
What NVT Signal processes is bitcoin's market capitalization divided by a 3 month moving average of daily transaction revenue. What you end up with is a strangely accurate top/bottom indicator that does not utilize price directly.
Conceptually, under/overvaluation can be attributed to why it mirrors 'tops' and 'bottoms'. This means NVT Signal is less related to price momentum and more related to cultivating and culling profit, a cyclical process similar to harvesting seasons. Now it's time to cull.