Analysis: BTC has widely benefited from the pre-settlement bullish bias, with still approximately 20% to 25% upside potential.

BlockBeats News, July 17, CryptoQuant analyst Darkfost shared a market insight stating that the Bitcoin short-term holder MVRV indicates there is still room for upside. In this current cycle, the unrealized profit of short-term holders (STH) has never exceeded the 42% threshold, as can be seen through their MVRV indicator. Each time the STH MVRV reaches around 1.35 (corresponding to +35% unrealized profit), profit-taking behavior is triggered, usually followed by a short-term pullback. Currently, we are still far from this level, with the current STH MVRV at around 1.15.

The main reason is that the realized price of short-term holders first broke above $100,000 on July 11, setting a new all-time high. This price has now even exceeded $102,000. Therefore, before reaching the key MVRV threshold again, BTC still has approximately 20% to 25% upside potential. In other words, there may still be a bullish window before the next widespread profit-taking phase begins.

MVRV (Market Value to Realized Value) is an indicator used to assess the market condition of cryptocurrencies like Bitcoin. It measures investors' unrealized profit or loss by comparing Market Value to Realized Value and is commonly used to determine whether the market is overheated or undervalued. In this case, the value specifically refers to short-term holders.