[Analysis] "Bitcoin MVRV at 2.1... High Potential for Price Increase"

JOON HYOUNG LEE

Summary

PelinayPA stated that Bitcoin MVRV stands at 2.1, indicating the price is not excessively high yet and there is enough potential for additional increases going forward.
Citing past cycles where MVRV rose to as high as 3.54, he said that if a similar pattern is repeated, Bitcoin's price could climb to $140,000 to $180,000.
However, as MVRV has exceeded 2, the market is not considered undervalued at this time, and there is also a possibility of short-term corrections.

*Bitcoin (BTC) 'Market Value to Realized Value (MVRV)' trend. Photo provided by=CryptoQuant*

There is an analysis suggesting that the price of Bitcoin (BTC) is likely to rise further.

PelinayPA, a contributor for CryptoQuant, stated on the 21st via CryptoQuant, "Bitcoin's 'Market Value to Realized Value (MVRV)' is currently at 2.1," adding, "This means the price is not excessively high yet, and there's ample room for further increases going forward." MVRV is an indicator comparing a cryptocurrency's market capitalization and realized cap. Typically, when it exceeds 3.5, most investors are in profit zones, leading to heightened selling pressure.

The analysis is that Bitcoin's price has not yet reached its peak in the current bull market. PelinayPA pointed out, "At the peak of a bull market, MVRV usually rises from 3.5 up to 4." He noted, "In past cycles, the MVRV rose up to 3.54 at the top," and predicted, "If the same pattern repeats, Bitcoin's price may rise further to $140,000 to $180,000."

PelinayPA emphasized, "However, since MVRV has already surpassed 2, the market is not undervalued." He added, "Currently, Bitcoin is transitioning from a neutral to a bullish phase," and noted, "(However) There is a possibility of short-term corrections during the upcoming price increase."

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