$BTC ๐๐ป ๐๐ต๐ถ๐ ๐ฟ๐ฎ๐น๐น๐, ๐ฒ๐๐ฒ๐ฟ๐๐๐ต๐ถ๐ป๐ด ๐๐ถ๐น๐น ๐ฑ๐ฒ๐ฝ๐ฒ๐ป๐ฑ ๐ผ๐ป ๐๐ต๐ฒ ๐ฟ๐ถ๐๐ธ ๐ฎ๐ฝ๐ฝ๐ฒ๐๐ถ๐๐ฒ ๐ผ๐ณ ๐ฆ๐ง๐ ๐ต๐ผ๐น๐ฑ๐ฒ๐ฟ๐ ๐ฎ๐ป๐ฑ ๐๐ง๐ ๐๐ฝ๐ฒ๐ฐ๐๐น๐ฎ๐๐ผ๐ฟ๐
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The current STH MVRV reading has not yet reached the โgreenโ line of one standard deviation (+1 STDV). Anything above it can be considered a โsuper rallyโ -until STH holders decide to exit their positions.
In the three previous rallies of this bull cycle, price rose on average about 46% above the +1 STDV level, which in todayโs context corresponds to roughly $154K.
However, since the market is in the late stage of the bull phase and risk appetite is muted, I expect selling to kick in around $126K, driven by speculators who bought in at $84K.
Itโs important to note that while STH may still be willing to hold at elevated prices, ETF speculators will most likely begin selling and that, in all likelihood, could serve as the trigger for a correction.
โ ยฉ Cryptoquant
