Bitcoin’s on-chain data indicates that the price may continue to rise, with predictions suggesting it could reach $117,000 soon. The short-term holder (STH) cost basis and market value realized value (MVRV) metrics are particularly significant in this analysis. Currently, Bitcoin is trading within a range of $78,000 to $110,000, and a breakout above $109,000-$110,000 could propel the price towards new all-time highs. A recent examination highlights that STH cost basis bands suggest the upper resistance is at $117,113. Meanwhile, the MVRV metric shows that Bitcoin's price still has potential upside before hitting extreme valuation levels around $123,000. Analysts emphasize that a daily close above the downtrend line at $109,000 is needed for confirmation of a breakout, and cautious optimism is prevalent among traders regarding the resistance at this level.

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