PANews reported on July 17 that CryptoQuant analyst Darkfost stated that the MVRV indicator for short-term holders (STH) of Bitcoin shows that there is still room for market growth. MVRV is used to measure unrealized profits, and whenever the MVRV value for STH reaches 1.35 (indicating unrealized profits of about 35%), the market typically experiences profit-taking, followed by a short-term price correction. Currently, this indicator is only 1.15, indicating it is still some distance from the critical point.
In addition, the average buy-in cost (realized price) of short-term holders first broke $100,000 on July 11 and is currently over $102,000, indicating that the market still has the potential to support further upward movement. Analysis suggests that the price of Bitcoin may have an additional 20%-25% upside before entering a new round of profit-taking.
