Interesting data is emerging about the current bull market in Bitcoin (BTC) price. According to an indicator used in price analysis, the BTC / USD pair could go as high as $ 590,000.
The Net Unrealized Profit / Loss (NUPL) index, developed by analytics resource Glassnode, gives hints that the Bitcoin price will reach a much higher level than expected.
Unrealized profit chart on the ceiling
The current bull market signal was shared on the Company’s CTO Rafael Schultze-Kraft and social media as of November 30. During the sharing, the BTC / USD pair reached an all-time high on many exchanges.
The NUPL indicator is currently at 0.62. Previously, when this level was reached, Bitcoin encountered an uptrend where it entered a brand new price range.
In 2011, when NUPL data pointed to a similar rise, the Price was a record 3,000 percent. It increased 800 percent in early 2013 and 600 percent later that year. In 2017, when Bitcoin hit an all-time high, 1,200 percent gain was made.
NUPL measures the ratio of cryptocurrencies to unprofitable on the Network. The higher the Neutral, i.e. above the zero zone, the more profit the Network gets. Negative data also show that the majority is missing.
Sharing an annotated chart, Schulze-Kraft said, “The NUPL indicator is approaching its peak at 0.62 and around 0.8.”
If a value of 0.8 or higher is reached during the current uptrend, the gate between $ 133,000 and $ 590,000 for the BTC / USD pair is wide open.
The analyst concluded his message with the phrase “we are just getting started”.
PlanB: We are in the Bitcoin bull market
Monday’s price increase also supported the views of the PlanB analyst, who claimed that the price prediction model worked “like the clock”.
Plan B, the developer of the Bitcoin price prediction model called stock-to-flow (S2F), claimed that the model will be operational from December 1, after the block reward halved in May.
“My Bitcoin friends, we’re officially in the bull market,” the analyst shared the latest version of the stock flow cross-asset (S2FX) chart, an updated version of his model, after signing the monthly high.
Like Schulze-Kraft, PlanB believes the recent surge marks the beginning of Bitcoin’s next phase.