The current bullish trend in Bitcoin (BTC) may push BTC / USD to $ 590,000, which is expected this week.
The Net Unrealized Profit / Loss Index (NUPL) sponsored by the analytics provider Glassnode has reached a level that has historically driven the price of Bitcoin even higher.
The unrealized gain graph reaches the dashboard level
The latest bullish signal was seen and uploaded to social media by the company’s CTO Rafael Schulz-Kraft on November 30. At that time, BTC / USD was already making new highs on many exchanges.
NUPL is currently at 0.62. Previously, it began to reach this level with an upward trend that only reversed after Bitcoin reached a new price range.
In 2011, the price rose by a record 3000% after the NUPL incident, and in early 2013 it was up 800% and another 600% later that year. In 2017, the year of the previous full-time for bitcoin, the growth was 1200%.
NUPL measures the percentage of coins in the network that are profitable versus those that are not. Based on a neutral zero value, the closer the pointer gets to it, the higher the net gain. Negative values also indicate a loss of the majority.
“NUPL is 0.62 and tops at +0.8,” Schulze-Kraft explained together with a commented graph.
Detailed history with Bitcoin net unrealized profit / loss. Source: Rafael Schulze-Kraft / Twitter
A reading of 0.8 or higher opens the door for BTC / USD, which can be collected anywhere between $ 133,000 and $ 590,000.
“This has just begun,” he concluded.
PlanB: Bitcoin beef market on us
Meanwhile, Monday’s action strengthened an already confident analyst who had long said that this year’s results would be “like greased.”
PlanB, the creator of the nickname for the floating family of bitcoin exchange pricing models, said on December 1 that it was still planned after the last halving event in May.
“My colleagues, bitcoin, there is a bull market ahead of us,” he announced when he released the latest release of his stock (S2FX) chart showing the maximum monthly close of BTC / USD.
Historical chart of movement of shares to assets (S2FX). Source: PlanB / Twitter
Like Schulze-Kraft, PlanB believes that recent victories only mark the beginning of the next phase of Bitcoin, the theory that Bitcoin tracks its historical behavior.
“Like the red hour in November, the red dot closed above all other red dots … to $ 19,700 … the new bitcoin NOTE. This is just the beginning. We will see fluctuations (eg -35%), but also new ATH. Enjoy the trip! he added.