Bitcoin Must Rise to $99,300 to Enter ‘Extreme Euphoria’ Zone

Glassnode's latest analysis highlights Bitcoin's current positioning within the Market Value to Realized Value (MVRV) Pricing Bands, indicating that it has not yet reached the historical top zone. Key points include:

The MVRV Ratio compares the market cap of Bitcoin to its realized cap, with values above 1 indicating net profit for investors.
Current Bitcoin price is around $33,100, significantly below the 1.0 level at $41,300, which represents the average cost basis for investors.
Bitcoin is trading under the 2.4 and 3.2 pricing bands, currently valued at $99,300 and $132,400, respectively.
Historically, BTC has spent only about 5% of trading days above the 3.2 MVRV level, marking it as an "extreme euphoria" zone.
Past cycles suggest that Bitcoin may need to surpass the 3.2 level for a potential market top to form, indicating further upward movement could be possible.

As of now, Bitcoin is trading at approximately $93,400, reflecting a drop of over 3% in the past week.