Bitcoin’s Rally May Not Be Over Yet, Cryptoquant Analysts See 25% More Upside

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The world’s largest cryptocurrency, Bitcoin, recently hit a new record above $123,000, only to pull back below $118,000 as profit-taking kicked in. Despite all, on-chain signals hint at more upside ahead, as a key metric used by analysts shows that short-term holders have not yet reached the usual profit levels that trigger heavy selling.

Does this mean Bitcoin still has room left for a bigger rally?

Bitcoin Bull Run Isn’t Over

According to data shared by CryptoQuant author Darkfost , the Short-Term Holder Market Value to Realized Value (STH MVRV) ratio remains well below its critical threshold. This indicator measures unrealized profits for short-term Bitcoin holders and often signals when profit-taking could start.

In the past cylce, when the STH MVRV reached about 1.35, meaning holders had roughly 35% unrealized profits, Bitcoin usually faced short-term corrections as investors start taking profits. This usually leads to short-term corrections in price.

Looking at the current cycle, Darkfost notes that STH unrealized gains have never crossed the 42% mark, meaning the market hasn’t reached an extreme greed zone yet.

Right now, the STH MVRV stands near 1.15, signaling that holders are sitting on about 15% gains, far from the levels that typically spark heavy selling.

Why This Matters for Bitcoin’s Price

What’s even more interesting is that the realized price for short-term holders just crossed $100,000 on July 11 for the first time ever. Today, it’s already above $102,000, setting a new benchmark in Bitcoin’s history.

This shift raises the threshold for profit-taking even further, creating more breathing room for the current rally.

How High Can Bitcoin Price Go?

Based on past trends, Bitcoin still has room to climb by 20% to 25% before hitting the profit-taking zone near an MVRV level of 1.35. This means the market could experience another strong upward move before large-scale selling begins.

Currently, Bitcoin is trading around $118,000. If it gains 20%, the price could reach about $141,600. Meanwhile, if the bitcoin see a 25% rise would push it close to $147,500.