TechFlow news, May 21 — According to analysis by CryptoQuant analyst Axel Adler Jr., the current short-term holder Market Value to Realized Value ratio (STH MVRV) has not yet reached the "+1 standard deviation" ("green line") level. In the previous three rallies of this bull market, prices on average rose 46% above the +1 STDV level, which translates to approximately $154,000 based on current levels.
However, as the market is in the late stages of a bull run and risk appetite remains low, analysts expect selling pressure to emerge around $126,000, primarily from speculators who bought in at $84,000. Notably, while short-term holders may still be willing to hold at elevated prices, spot ETF speculators may begin selling, which could likely trigger a market correction.
