This metric suggests Bitcoin price can go as high as $590K this bull run
Net Unrealized Profit/Loss returns to levels that in the past have triggered giant Bitcoin price rises, Glassnode notes. The current Bitcoin (BTC) bull run could send BTC/USD as high as $590,000, one indicator forecast this week.Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit/Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher.Unrealized profit chart hits launchpad levelThe latest bull signal was noticed and uploaded to social media by the company’s chief technical offier, Rafael Schultze-Kraft, on....
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Cold hard numbers are showing why Bitcoin moons and dumps — and the reasons are more straightforward than you might imagine. Bitcoin (BTC) is still at the “low end” of a 2021 bubble, new data tracking miner and investor behavior suggests. In the latest signal that BTC price action still has major growth potential, researcher Geert Jan Cap showed bullish signs coming from Bitcoin’s thermocap. Thermocap suggests Bitcoin just getting startedThermocap is a metric which aims to track Bitcoin price cycles based on actions taken by miners and investors with regards to buying and selling BTC.It....
The Bitcoin price has been gaining momentum and steadily rising back to a more bullish price position of $30,000. Despite market downturns, long-term holders of the cryptocurrency are increasing their investments in hopes of a significant bull run. s the holder metric hits a new all-time high. Bitcoin Price Rises As Holder Metric Peaks Bitcoin’s […]
Bitcoin may be demonstrating a slight rebound from its recent downward trend, which began after it hit a new all-time high, but discussions about a possible cycle top are intensifying within the community. While this discussion is accompanied by speculations about this bull cycle nearing its end, an analyst has highlighted a key metric that […]
Glassnode data finds Bitcoin has entered the "belief zone" for the first time since the July 2019 top, indicating a bull cycle is nearing. Bitcoin (BTC) might be in the early phase of a major new bull cycle, a key on-chain metric suggests on Oct. 27. The dominant cryptocurrency has entered the “belief zone,” which historically marked the start of explosive rallies.According to Glassnode, the last time the Net Unrealized Profit/Loss (NUPL) reached the belief zone was in June 2019. In the month that followed, Bitcoin rose from around $7,500 to $13,868 by over 80%.The NUPL of Bitcoin on top....
The Mayer Multiple indicator suggests the bull market is still far from peaking, even as bitcoin closes in on its all-time high.