[Analysis] "Bitcoin NUPL signals mid-phase of the bull market…possibility of a rise to 120,000~150,000 dollars"

An analysis said that Bitcoin (BTC)'s on-chain metric NUPL (Net Unrealized Profit/Loss) has entered the mid-phase of a bull market and that there is room to rise up to 150,000 dollars.

On the 4th (local time), CryptoQuant author PelinayPA said, "Bitcoin NUPL recorded a level of 0.52, showing a signal of the mid-phase of the bull market. Considering that at past bull market peaks in 2013, 2017, and 2021 NUPL surged to the 0.7~0.8 range, it is still the mid-phase of the bull market," they stated.

They added, "Historically, when NUPL reached the 0.5~0.6 range, a pattern of accelerating upward momentum repeated. In the short term, there is a possibility of a correction due to profit-taking, but in the medium to long term, further rallies could also push prices to new highs," and "referring to past trends, Bitcoin has room to rise to the 120,000~150,000 dollars range in the future," they analyzed.