The world’s largest cryptocurrency, Bitcoin, recently hit a new record above $123,000, only to pull back below $118,000 as profit-taking kicked in. Despite all, on-chain signals hint at more upside ahead, as a key metric used by analysts shows that short-term holders have not yet reached the usual profit levels that trigger heavy selling.
Does this mean Bitcoin still has room left for a bigger rally?
According to data shared by CryptoQuant author Darkfost, the Short-Term Holder Market Value to Realized Value (STH MVRV) ratio remains well below its critical threshold. This indicator measures unrealized profits for short-term Bitcoin holders and often signals when profit-taking could start.
In the past cylce, when the STH MVRV reached about 1.35, meaning holders had roughly 35% unrealized profits, Bitcoin usually faced short-term corrections as investors start taking profits. This usually leads to short-term corrections in price.
Looking at the current cycle, Darkfost notes that STH unrealized gains have never crossed the 42% mark, meaning the market hasn’t reached an extreme greed zone yet.
Right now, the STH MVRV stands near 1.15, signaling that holders are sitting on about 15% gains, far from the levels that typically spark heavy selling.
What’s even more interesting is that the realized price for short-term holders just crossed $100,000 on July 11 for the first time ever. Today, it’s already above $102,000, setting a new benchmark in Bitcoin’s history.
This shift raises the threshold for profit-taking even further, creating more breathing room for the current rally.
Based on past trends, Bitcoin still has room to climb by 20% to 25% before hitting the profit-taking zone near an MVRV level of 1.35. This means the market could experience another strong upward move before large-scale selling begins.
Currently, Bitcoin is trading around $118,000. If it gains 20%, the price could reach about $141,600. Meanwhile, if the bitcoin see a 25% rise would push it close to $147,500.
As per Coinpedia’s BTC price prediction, the Bitcoin price could peak at $168k this year if the bullish sentiment sustains.
With increased adoption, the price of Bitcoin could reach a height of $901,383.47 in 2030.
As per our latest BTC price analysis, Bitcoin could reach a maximum price of $13,532,059.98
By 2050, a single BTC price could go as high as $377,949,106.84
India’s Income Tax Department has sent 44,057 emails and messages to crypto traders who failed…
Since mid-2024, a growing number of public companies have started holding XRP as part of…
PancakeSwap one of the leading multichain decentralized exchanges, is back in the spotlight. This time…
For many crypto users, Dogecoin and Shiba Inu were the original meme-coin gatekeepers, tokens born…
Ethereum recorded 1.87 million transactions yesterday, nearly reaching its all-time high set in January 2024.…
A major shake-up in crypto mining is underway as American Bitcoin Corp., a mining company…