The head of research at CryptoQuant, Julio Moreno, announced that there is no significant pressure on the Bitcoin rate from sellers. This means the bullish rally will continue.
The ratio of total market capitalization to realized capitalization (MVRV indicator) is halfway to past cycle peaks. Now it is 2.78, while at the maximum it was 4.83, as stated by CryptoQuant.
Platform analysts suggest that we should expect further growth in the Bitcoin rate in the medium term. But CryptoQuant does not specify exactly how much the value of the first cryptocurrency will increase.
Earlier, Jack Mallers, CEO of the Strike payment service, predicted that during the current bull rally in the cryptocurrency market, Bitcoin could reach $250,000 and even grow in price to $1 million.
Source: Bits
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