This Bitcoin Metric Says The Bull Market Might Soon Be Over
Bitcoin price has retraced 10% from highs and is still reeling from the rejection from above $60,000. The pullback has caused two important long-term moving averages to come dangerously close to death-crossing, that when crossed in the past have signaled that the top is in for the bull market. Here’s what data says about the […]
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A quant breaks down how the Bitcoin NUPL indicator may be able to predict the beginning of a new bull run based on past pattern. How The Bitcoin NUPL Metric May Predict The Start Of Bull Run As explained by an analyst in a CryptoQuant post, the various phases of the NUPL indicator may shed some light relating to the bull run status for BTC. The net unrealized profit and loss (or NUPL in short) is a metric that’s defined as the difference between the market cap and the realized cap, divided by the market cap. NUPL = (Market Cap – Realized Cap) ÷ Market Cap In simpler terms, what....
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 […]
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....
A metric that has predicted previous bitcoin market tops indicates this rally has just begun.
CNBC’s Brian Kelly builds the Bitcoin bull case by referencing a divergent metric that, in the past, foreran the calm before a price storm. Uncertainty reigns, and market sentiment is extremely fearful. As such, the narrative of a return to crypto winter is strong. However, Kelly’s analysis leads him to believe it’s time to buckle […]