Bitcoin analysts say this BTC metric is in ‘belief zone’ for the first time in 15 months

Bitcoin (BTC) might be in the early phase of a major new bull cycle, a key on-chain metric suggests on Oct. 27. The dominant cryptocurrency has entered the “belief zone,” which historically marked the start of explosive rallies.

According to Glassnode, the last time the Net Unrealized Profit/Loss (NUPL) reached the belief zone was in June 2019. In the month that followed, Bitcoin rose from around $7,500 to $13,868 by over 80%.

The NUPL of Bitcoin on top of its historical daily chart….

Source link

About bitcoin

Check Also

Market Wrap: Bitcoin Drops Ahead of Looming ‘Death Cross’

Bitcoin declined about 5% over the past 24-hours as the price broke below $36,000 support. …

Leave a Reply

Your email address will not be published. Required fields are marked *