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Bitcoin s current rally could hit levels as high as $590,000 USD according to on-chain analyst indicator.
Glassnode, an on-chain analytics resource, offered that the Net Unrealized Profit/Loss index is showing unprecedented levels if the current trend continues, which might launch the Bitcoin price to hit major bullish levels.
The bullish signal was indicated by Rafael Schultze-Kraft, the firm’s CEO, at a time when Bitcoin was making waves on several exchanges He offered the possible trajectory of Bitcoin as the token seems to be headed based on historic trends and analytical data:
Next $BTC global top according to Net Unrealized Profit/Loss (NUPL): $133k – $590k
NUPL is at 0.62 and predicts tops at 0.8+
Previous price increases for NUPL to get from 0.62 to the top:
— Rafael Schultze-Kraft (@n3ocortex) November 30, 2020
Bitcoin price history and bullish indicators
Previously when the NUPL hit similar levels, Bitcoin price has surged. In 2011 Bitcoin increased by a whopping 3,000% after the NUPL. In 2013, it hit an 800% increase and then a further 600% later in the year. The bull run in 2017, where Bitcoin price hit its most famous bull-run and its all-time-high, 1200% there were 1200% gains of the value of the cryptocurrency
Analysts confident that the cryptocurrency will surge
PlanB, one of the market’s more prominent pseudonymous bulls, offered that he sees Bitcoin hitting a new all-time-high “like clockwork“.
🔴 My fellow bitcoiners, the bull market is upon us. Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new #bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATH’s. Enjoy the ride!🚀🚀🚀 pic.twitter.com/27fmkCOoEY
— PlanB (@100trillionUSD) December 1, 2020
This echoes the sentiment of bulls across the market. Should their predictions come to fruition, we won’t only be looking at an all-time-high soon, but the rally will be exponential and the price of Bitcoin will be sky-high in time.