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Bitcoin Eyes $104K as MVRV Signals Room for Growth

Author: Content Editor
The article discusses the current state of Bitcoin and questions whether a pullback is imminent or if the bull run will continue towards a price target of $100,000. The BTC price is currently trading below $88,000, with a market cap of $1.75 trillion. Bitcoin recently formed an evening star pattern, which suggests a potential pullback. However, there are signs of bullish continuation, including a positive crossover between the 100-day and 200-day simple moving average lines and healthy bullish momentum indicated by the MACD and signal lines. The number of active Bitcoin addresses has surpassed 1 million, and transaction volume and count have increased significantly. The market value to realized value (MVRV) ratio indicates that there is still room for further growth. Based on historical values, the current MVRV ratio of 2.47 suggests significant potential for Bitcoin to grow. The Fibonacci retracement tool indicates upside targets of $97,781 and $104,337, but Bitcoin must first break through the resistance at $88,574. Crucial support levels are at $84,000 and $80,000.

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