Analysis: There is a bullish window before BTC widely takes profit, with approximately 20% to 25% rise potential.

On July 17, CryptoQuant analyst Darkfost published a market view stating that Bitcoin short-term holder MVRV indicates there is still room for a pump. In this cycle, the unrealized profits of short-term holders (STH) have never exceeded the threshold of 42%, as seen through their MVRV metric. Each time the STH MVRV reaches about 1.35 (corresponding to +35% unrealized profits), it triggers profit-taking behavior, usually followed by a short-term pullback. We are still far from this level, with the current STH MVRV at about 1.15. The main reason is that the realized price for short-term holders first broke through $100,000 on July 11, setting a historical high. This price has now even exceeded $102,000. Therefore, before reaching the key MVRV threshold again, BTC still has about 20% to 25% of pump potential. In other words, there may still be a bullish window before the next round of widespread profit-taking begins. MVRV (Market Value to Realized Value) is a metric used to assess the market conditions of crypto assets (such as Bitcoin). It measures investors' unrealized profits or losses by comparing market capitalization with realized value, often used to determine whether the market is overheated or undervalued, with this value specifically referring to short-term holders.