[Analysis] "Bitcoin at crossroads between rise and correction... Plenty of room for upward potential"

Analysis suggests that while Bitcoin (BTC)'s on-chain indicators, including market buy/sell ratio and MVRV ratio, show mixed signals, overall upward potential appears more likely.

On the 19th (local time), CryptoQuant author Onchain Edge stated, "The MVRV ratio (2.21) indicates that Bitcoin has not yet entered an overvalued zone. Since previous bull markets peaked when this ratio was between 3.5 and 4.0, there is sufficient room for additional growth."

He also analyzed, "Other on-chain indicators like the Puell Multiple do not suggest overbought conditions, indicating this upward cycle is not yet complete. If buying pressure enters the market, Bitcoin could aim for $100,000 without significant correction."

The author highlighted the current market buy/sell ratio (0.96) as a risk factor to watch carefully, noting that more traders are selling in line with market demand. However, he added, "While some selling pressure is detected, major macro indicators support that the bull market remains valid," predicting that "Bitcoin could see further gains if it maintains support at $95,000 and buying pressure increases, but may undergo short-term correction if it fails to break resistance levels."