Bitcoin's (BTC) on-chain and technical data suggest a continued upward trajectory, potentially reaching $117,000. Several indicators are pointing towards this bullish outlook.

One key metric is Bitcoin's Short-Term Holder (STH) cost basis. The STH cost basis represents the average price at which coins were last moved on-chain by investors who have held them for less than 155 days. It serves as a gauge for the current market's aggregate purchase price. Historically, the STH cost basis has acted as a support level during bull markets. Should Bitcoin maintain its momentum and the STH cost basis continues to rise, $117,000 could be the next significant price target.

Analysts suggest that a breakout above the $109,000-$110,000 range could propel Bitcoin to new all-time highs.

Other factors buttressing this optimistic forecast include:

• MVRV Data: The Market Value to Realized Value (MVRV) ratio assesses the relationship between Bitcoin's market capitalization and the realized capitalization. It can be used to identify periods when Bitcoin is overvalued or undervalued.
• Technical Indicators: Various technical analysis tools, such as moving averages, relative strength indexes (RSI), and Fibonacci retracements, are used to identify potential trend reversals, overbought or oversold conditions, and key support and resistance levels.

Currently, market sentiment remains steady even with recent price drops to $105,000. Bitcoin's "super-majority" holds $1.2T in unrealized profits. Bitcoin profit-taking makes $140K a key BTC price point.