According to 21 Shares analysts, Bitcoin has not yet reached its cycle peak and there is still room for the market to rise. They base their analysis on three on-chain indicators: MVRV ratio, unrealized net profit and loss, and long-term investor sell-off risk ratio. The MVRV ratio is currently between 2.5 and 3, indicating that a major cycle top has not yet been reached. The unrealized profit and loss indicator is currently between 0.5 and 0.75, with a ratio of 0.75 signaling the market has reached its peak. The long-term investor sell risk ratio is currently only 0.4%, significantly below the overheating threshold of 0.8%. This analysis suggests that Bitcoin still has potential for growth.



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