Bitcoin Price Estimate Based On NUPL: $ 590,000!
Coinputin.com – Bitcoin (BTC) made history by breaking an all-time high on Monday. But after this bullish move, BTC wiped out about $ 2,000 with hard falls. So is there a difference between the rally at the end of December 2017 and the current rally? The current bull market has received support from a new wave of institutional investors. MicroStrategy invested almost $ 500 million in Bitcoin this summer. Square, PayPal, Stone Ridge and Grayscale all hold multibillion-dollar BTC. In addition, well-known wealthy investors such as Paul Tudor Jones and Stan Druckenmiller praised the leading cryptocurrency.
Recently, corporate asset management giant Guggenheim announced the possibility of investing at least $ 500 million in Bitcoin through the Grayscale Bitcoin Trust. In light of these positive developments, analysts say, Bitcoin could continue to climb this year. Also on-chain is a key metric, revealing that Bitcoin is aiming to rise to as much as $ 590,000 during its current bull run. Here is Bitcoin price prediction based on historical metrics…
Bitcoin price forecast based on NUPL: the price could rise to $ 590,000!
The net unrealized Profit/Loss (NUPL) metric has generally reached a level that raises the price of Bitcoin significantly, according to data from On-chain analysis firm Glassnode. Glassnode CTO Rafael Schultze-Kraft explained this big bullish signal on Bitcoin. NUPL currently stands at 0.62. Historically reaching this level has ignited a bull run that only paused after Bitcoin reached a new price range. For example, in 2011, the price of Bitcoin increased by 3,000% after the NUPL indicator flashed, while in 2013 it increased by 800%.
In 2017, when bitcoin hit an all-time high, NUPL posted a 1,200% gain. NUPL is a measurement that estimates the difference between unrealized profit and unrealized loss to determine whether the Bitcoin network is currently in profit or loss. Any value above zero indicates that the network is in profit, and values below zero indicate that the network is in loss. A reading of 0.8 or higher could fuel a frantic rally anywhere from $ 133,000 to $ 590,000, according to experts at this point.
PlanB: I expect high volatility in Bitcoin and also new record highs
PlanB, the inventor of the stock flow model, shares the same view as Glassnode’s CTO. The veteran analyst recently noted that we are” just at the beginning of the bull market.” In addition, the analyst announced that the November red spot closed above all previous red spots, as expected. The analyst expects high volatility along the way, as well as new record highs. Like glassnode’s Schultz-Kraft, PlanB believes the bitcoin bull run has only just begun. This means that Bitcoin will probably continue to follow its “like clock” historical models. With Bitcoin currently in uncharted territory, it is impossible to say what will be next for the leading cryptocurrency. But as PlanB says “ ” enjoy the ride!”