PANews reported on July 17 that CryptoQuant analyst Darkfost said that the MVRV indicator of short-term Bitcoin holders (STH) shows that the current market still has room to rise. MVRV is an indicator used to measure unrealized profits. Whenever the MVRV value of STH reaches 1.35 (meaning unrealized profits of about 35%), the market usually sees profit-taking, followed by a short-term price correction. At present, this indicator is only 1.15, which is still some distance away from the key point.

In addition, the average purchase cost (realized price) of short-term holders exceeded $100,000 for the first time on July 11 and is currently over $102,000, indicating that the market still has the potential to support further increases. Analysts believe that the price of Bitcoin may have 20%-25% more room to rise before entering a new round of profit-taking.