Bitcoin (BTC) is valued at around $94,000 after reaching $108,000 earlier this week. Analysts believe the cryptocurrency has room to climb further.

- The MVRV indicator shows that BTC has not yet peaked.

- Long-term holders’ metrics have entered the euphoric zone.

- The annualized profit/loss ratio is below previous highs.

- Metrics point to a potential rally to $230,000.