Bitcoin’s rally signals room for growth as key metrics reveal the market is not yet at its peak.
Analysts forecast a parabolic price increase ahead, supported by historical trends and bullish market data.
On-chain metrics indicate Bitcoin's bull run is still progressing, with strong fundamentals and high investor optimism driving growth.
Bitcoin is climbing steadily, and its price could exceed $235,000, according to data from Bitcoin Magazine Pro. Analyst @crypto_bir highlights that the MVRV Z-Score, a key market indicator, remains well below its peak zone. This metric measures how far the market value is from the realized value, identifying overbought conditions. Historically, Bitcoin has only peaked when this score stays above 7 for several weeks.
Source: CryptoBirb
Currently, the MVRV Z-Score sits below 4, suggesting that Bitcoin has room for more growth before reaching its top. Past bull markets in 2014, 2017, and 2021 followed a similar trajectory, making this cycle's progression appear consistent with historical trends.
MVRV Z-Score and the Bull Market Progression
The MVRV Z-Score is a reliable tool that has helped track Bitcoin’s performance during previous market cycles. It shows that Bitcoin’s price has plenty of potential to rise since the score is not yet close to its critical zone. When the score crossed 7 in previous cycles, Bitcoin entered its final parabolic phase.
Moreover, data from Bitcoin Magazine Pro indicates that the realized cap, which tracks Bitcoin's value based on the last transaction price, provides solid support for the ongoing rally. Strong realized cap levels often coincide with sustainable growth in Bitcoin’s price, creating a stable market foundation.
NUPL Metric and Time Cycle Insights
Another key indicator, the Net Unrealized Profit/Loss (NUPL), currently stands at 0.59. This metric reflects overall market optimism and suggests that the current rally is not yet nearing its euphoric phase. Historically, NUPL values closer to 1 have aligned with market peaks, which reinforces the view that Bitcoin’s rally has more room to grow.
Time cycle analysis also suggests the market is about 80% through its current bull run. Analyst @crypto_bir predicts that the final 20% of the cycle, which is often marked by rapid price gains, could drive Bitcoin toward its projected $235,000 peak.
Analyst’s Take on Bitcoin’s Growth Potential
According to @crypto_bir, anyone claiming Bitcoin’s peak is near is ignoring historical data and current market trends. The analyst points out that Bitcoin’s rally typically gains momentum in its final stages, which makes it essential for traders to rely on accurate data and on-chain indicators for guidance.
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