As Bitcoin (BTC) consolidates just below the $120,000 mark, concerns are mounting over whether the top cryptocurrency’s bullish momentum is fading. However, some analysts believe BTC still has room to grow, citing key on-chain indicators.
Bitcoin Rally Far From Over
According to a recent CryptoQuant Quicktake post by contributor Darkfost, Bitcoin’s rally is not yet over. The analyst points to the Short-Term Holder (STH) Market Value to Realized Value (MVRV) indicator as evidence.
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For context, STH MVRV measures the profitability of Bitcoin held by short-term investors – typically those who acquired BTC within the last 155 days – by comparing the current market price to their average purchase price.
When the STH MVRV is high, it suggests short-term holders are in profit and may sell.
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