Bitcoin (BTC) has been showing signs of strong momentum recently, with several key indicators pointing towards a potential price surge. One of these indicators is the MVRV (Market Value to Realized Value) ratio, which measures the difference between the market price and the realized value of Bitcoin. A pickup in MVRV momentum suggests that the market is becoming more bullish and could potentially push BTC above the next significant hurdle at $110,000.

Another factor that could contribute to Bitcoin's upward movement is its profitability. As the price of Bitcoin rises, mining becomes more profitable, attracting more miners to the network. This increased mining activity can create a positive feedback loop, driving up the price even further.

Onchain activity is also an important metric to consider when evaluating Bitcoin's price potential. A higher level of onchain activity indicates increased usage of the Bitcoin network, which can lead to greater demand for the cryptocurrency. This increased demand, coupled with the other positive indicators, could push Bitcoin into price discovery territory, where new all-time highs are reached.

If Bitcoin is able to break through the $110,000 resistance level and enter price discovery, it could attract even more attention from institutional investors and mainstream media. This increased exposure could further fuel the price rally and lead to even greater gains for Bitcoin holders.

It's worth noting that the cryptocurrency market is highly volatile, and price predictions are always subject to change. While the indicators mentioned above suggest a bullish outlook for Bitcoin, investors should still exercise caution and be prepared for potential market fluctuations.

In conclusion, the confluence of factors such as MVRV momentum, profitability, and onchain activity could potentially propel Bitcoin above the $110,000 hurdle and into price discovery territory. This would mark a significant milestone for the leading cryptocurrency and could pave the way for further price appreciation in the future. As always, investors should conduct their own research and consider their risk tolerance before making any investment decisions in the cryptocurrency market.

Source: https://cointelegraph.com/news/bitcoin-analysts-say-this-must-happen-for-btc-price-breakout-to-new-all-time-highs?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound