Bitcoin (BTC) could still reach the $130,000 mark, with the Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands highlighting a crucial range to watch for this milestone.
According to on-chain analytics platform Glassnode, the metric suggests that as long as Bitcoin holds above the $110,000 support level, there is room for a renewed push toward an all-time high.
Currently trading around $118,000, Bitcoin remains in a zone of growing optimism, but it has not yet reached the euphoric levels typically seen near market tops.
The MVRV model, which compares Bitcoin’s current price to the average price at which coins were last moved, helps gauge whether the asset is overvalued or undervalued.
Since early 2023, Bitcoin has steadily climbed, typically gaining momentum after clearing major technical levels. The asset is now approaching a historical zone that has often preceded previous peaks.
To break above $130,000, Bitcoin must maintain its position above $110,000, now considered a key support level. Holding this level could pave the way for further upside, while a drop below it may delay a breakout.
Bitcoin yet to hit euphoric levels
At the same time, on-chain analyst Ali Martinez noted on July 26 that Bitcoin’s current rally still has room to run.
He pointed out that while the asset has climbed to around $120,000, capital inflows into the broader crypto market remain relatively modest, suggesting investor sentiment hasn’t yet overheated.
Martinez, citing Glassnode data, highlighted that aggregate inflows stand at roughly $82 billion, well below the $135 billion seen in December 2024, when Bitcoin was trading near $96,000. This divergence implies that, despite rising prices, ‘there’s still room to grow before we reach peak euphoria’.
Bitcoin price analysis
As of press time, Bitcoin was consolidating at $118,318, up 0.8% on the day but down 0.13% over the past week.
Meanwhile, technical indicators support the possibility of continued strength. For instance, Bitcoin is trading well above its 50-day simple moving average (SMA) of $110,580 and 200-day SMA of $90,392, both signs of a sustained uptrend.
On the other hand, the 14-day Relative Strength Index (RSI) stands at 60.43, indicating bullish momentum without signaling overbought conditions.
Featured image via Shutterstock.
