Bitcoin $117K Price Target: STH Cost Basis & MVRV
On-chain and technical metrics dey show say the Bitcoin price target of $117K still dey possible for traders. Glassnode data dey show say the short-term holder (STH) cost basis – the average money wey investors spend to buy BTC wey dem hold less than 155 days – reach peak at $117,113. Bitcoin don dey trade between $78K and $110K since January, touch the upper band of STH cost basis at $112K for May. If dem test this level again e fit make Bitcoin push go $117K or even higher. Market value to realized value (MVRV) metric talk say still get space to make profit before e reach extreme near $123K. Technical analysis show say important breakout level dey for $109K–$110K. If daily close pass the long time falling trendline and e fit hold as support, e go confirm bullish breakout. Analyst wey dem like Rekt Capital talk say this fit push BTC go higher levels. Some traders even dey target $130K if Bitcoin fit hold above $110K for daily chart.
Bullish
Di mix wey dey on-chain metrics and technical analysis show say Bitcoin get beta future. Di STH cost basis for $117,113 dey show beta resistance level wey if e fall, e go confirm say people dey buy well well. Di MVRV metric talk say fit still dey room to collect profit reach $123K without make di market overvalue big time. More than dat, di important breakout level wey dey $109K–$110K and di need to close daily pass di way wey trend dey go down dey give clear target for short-term traders. For history, daily close wey pass big trendline gats always lead to strong rallies. For long term, if e reach or pass di $117K Bitcoin price target, e go make di bullish movement strong and go attract capital join market, wey go help make di market grow steady. Na why dis news good for both short-term breakout and long-term uptrend continuation.