Bitcoin’s on-chain and technical data indicate that the price may rise to $117,000, supported by short-term holder (STH) cost basis and market value realized value (MVRV) metrics. Analysts note that Bitcoin has traded within a defined range of $78,000 to $110,000 since January, with the STH cost basis pointing towards significant price resistance at around $117,000. Recent analysis shows Bitcoin needs to break a crucial trendline around $109,000 to confirm a breakout. Traders have cautiously set their sights on this breakout, with potential price targets hinting that higher values may be reached. The MVRV metric further supports this potential, suggesting that Bitcoin is not currently overvalued and that more upward movement can be expected before hitting extreme levels. Overall, market sentiment remains optimistic as traders are awaiting decisive action from Bitcoin’s price to capitalize on its upward trajectory.

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