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Theresa Lawson @theresa_fxtplatform
This metric suggests Bitcoin price can go as high as $ 590K this bull run The current
#Bitcoin
(BTC) bull run could send # BTC / USD as high as $ 590,000, one indicator forecast this week. Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit / Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher. Unrealized profit chart hits launchpad level The latest bull signal was noticed and uploaded to social media by the company's CTO, Rafael Schultze- Kraft, on Nov. 30. At the time, BTC / USD was already making new all-time highs on several exchanges . NUPL currently resides at 0.62. Previously, reaching this level has begun an uptrend that only reversed once Bitcoin had hit a new price range. In 2011, the price expanded by a record 3,000% after the NUPL event, while in early 2013 it expanded 800% and another 600% later that year. 2017, the year which delivered Bitcoin's previous all-time high, meanwhile saw 1,200% earnings. NUPL measures the proportion of coins in the network which are in profit versus those that aren't. Built around a neutral zero value, the closer the index
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