The price of Bitcoin is currently experiencing a small correction, just before marking $100K. Several on-chain metrics indicate that we have entered the euphoria phase of the market. Indicators such as the Net Unrealized Profit/Loss (NUPL) and the percentage of supply in profit support this observation. Additionally, the MVRV Z-Score, currently at 3.21, reinforces this sentiment. However, this is just the beginning; if the MVRV Z-Score reaches 3.3, it will signal a more pronounced onset of euphoria. it had surpassed 6 during the previous bull market. This raises the question of whether a similar occurrence could take place in the current bull market. Who knows?
Written by joohyun ryu
