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I made this bitcoin chart the other day and am posting since I haven't seen it from anyone else. It's simply a Price/Trailing Earnings measure used in stocks with estimated transaction value subbed in for earnings. 
Right now we are at 0.24x the last year of transactions, very close to the past two bear market bottoms. It also reliably showed bubbles when valuations got above 1x the last year of transaction value.
This was heavily sampled from @cburniske and @woonomic (don't worry I double checked my data this time 😉) NVT ratio, but looks back a whole year rather than four weeks.
I also created a fair value model using @cburniske MV=PQ.
Assumptions:
- M = past twelve months of transaction value ($)
- V = past twelve months of transaction value ($) / 90-day average of market capitalization
- Q = current bitcoin in circulation
Assumptions:
- M = past twelve months of transaction value ($)
- V = past twelve months of transaction value ($) / 90-day average of market capitalization
- Q = current bitcoin in circulation
Due to the math, the ratio will look nearly the exact same as the Price/TTM transaction value chart, but the numbers will change. Based on this, the fair value of bitcoin is around $6,200 and falling, but price is far under fair value - at around a 40% discount (as of 11/30).
If this fair value metric ever flattens out and starts moving upward, it seems reasonable to assume that the bear market is over, "bitcoin is dead" was wrong and another bull market has begun.
