Bitcoin Price Prediction: $118K-$128K? STH MVRV Hints at Next Move

Bitcoin's price action is currently causing uncertainty in the market, with bulls pushing for higher prices and bears anticipating a potential retracement. The price is trading above $100,000 after consolidating just under $105,000. Analysts are divided on the next move; some predict a significant expansion, while others foresee a correction before further upward movement. Data from CryptoQuant reveals that the Short-Term Holder Market Value to Realized Value (STH MVRV) ratio is at 1.09, indicating moderate short-term holder profits. However, historical patterns suggest that significant selling pressure often begins when the MVRV reaches 1.25, which correlates to a Bitcoin price of approximately $118,000, and intensifies around 1.35, roughly at $128,000. If current growth rates continue, these MVRV milestones could be reached by early and late June, respectively. Bitcoin is facing a crucial technical test at the $100,000 support level. Holding above this level, and clearing supply pressure near $105,000, could lead to a breakout and price discovery. Conversely, falling below $100,000 could trigger further downside toward $95,000. The 200-day EMA and SMA support the bullish mid-term structure. However, sustained rejection at local highs without increased volume and momentum could shift trader sentiment. The current situation presents a battle between breakout optimism and cautious profit management, with the $100,000 level serving as a pivotal support zone.

(Source: https://bitcoinist.com/bitcoin-sth-mvrv-trends-higher-short-term-holders-eye-118k-128k-range/)