Bitcoin to $590,000 USD According to On-Chain Firm

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:

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“.

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.

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