Bitcoin on-chain indicators turn upward... ”Could reach $120,000 by next year”

As the counting of votes for the US presidential election has begun and on-chain indicators have turned to an upward trend, if Bitcoin's market realized value (hereinafter referred to as MVRV) ratio continues to increase, the Bitcoin price
It has been analyzed that the cryptocurrency market may reach six figures by 2025. According to Cointelegraph on the 5th (local time), CryptoQuant analyst CoinLupin said,
He analyzed the current market value using the MVRV index, which indirectly evaluates the current value of Bitcoin. He said, "The MVRV ratio is at 2, and the market's surface value is on
"This reflects a Bitcoin cycle, as the MVRV indicator has recently exceeded the 365-day average and is currently higher than the four-year average," he said.
"This suggests that the upward trend is sustained. Cycle tops generally occur when the MVRV reaches between 3 and 3.6."
It goes on to say, "If we assume that realizable value (RV) remains constant, the MVRV ratio should increase by 43% to 77%."
"If we apply this to Bitcoin, the target value would be between $95,000 and $120,000," he added.
He said that when the market rises with new acquisition interest, realised value can also increase, and given previous cycles, the apex is likely to be this water.
"Bitcoin has risen significantly over the past year, but the MVRV indicator has brought it back to its mean level. The upward momentum is still strong," he said.
As of 3:25 p.m. on the 6th (Japan time), Bitcoin reached an all-time high of $75,347 on the virtual currency market site CoinMarketCap.
(Approximately 11.6 million yen).