The current MVRV Z-score at around 3 suggests significant room for price growth, as it is well below the previous bull run highs of 7 to 10.
The Puell Multiple indicates that despite Bitcoin's surge, miner profitability is only 30% above historical averages, suggesting we are still in the early stages of the bull market.
Analyzing the Net Unrealized Profit and Loss (NUPL) metric reveals investors' overall sentiment, mapping phases of optimism and potential overextension in the market.
With the ongoing price action, the data indicates we are likely in the early to middle stages of a bull market, with explosive growth potential on the horizon.
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