This One Metric Suggests Bitcoin Has Plenty of Room Left to Run

BTC$111,022.32

reached new all-time highs just above $112,000 on Wednesday, although the increase was only marginal compared to the previous peak. Despite the wave of bullish corporate adoption, with public companies adding bitcoin to their balance sheets.

On-chain data suggests that bitcoin has more room to run when compared to previous cycle highs. One useful metric in this analysis is the MVRV Z-Score, which helps evaluate whether bitcoin is overvalued or undervalued relative to what could be considered its fair value.

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