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?
Bitcoin Bull Run Isn’t Over
According to data shared by CryptoQuant author Darkfost, the Short-Term Holder Market Value to Realized Value (STH MVRV)…

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