[Analysis] "Bitcoin Has Ample Room for Further Upside"

Considering on-chain indicators, there is analysis suggesting Bitcoin (BTC) still has potential for further gains.

On the 10th (local time), Avocado_onchain, a contributor to CryptoQuant, stated in a report, "This current bull run is taking place in a much calmer atmosphere compared to previous ones," adding, "The current on-chain indicators point to the possibility of further upside for Bitcoin."

He continued, "Despite Bitcoin's price rising, the 30-day moving average of Binary CDD is trending downward," stating, "This indicates that long-term investors are still choosing to hold Bitcoin."

The Coinbase Premium was also highlighted. According to the report, "Coinbase Premium continues to show an upward trend," adding, "It is at a level similar to when Bitcoin hit all-time highs in March and December last year." He further explained, "This may be a sign of market overheating, but the Kimchi Premium remains at a low level. Retail-driven frenzy might not yet be the case."

The report also emphasized, "The MVRV (Market Value to Realized Value) indicator is also rising, but it's not in the overheating phase," reiterating, "Attention should be paid to the potential for further upside in Bitcoin."