Bitcoin Bull Run Expected as NUPL Turns Positive
CryptoNewsTerminal Staff15 Jul, 2024
Bitcoin Bull Run Expected as NUPL Turns Positive
Matthew Sigel, head of digital asset research at VanEck, shared insights on Bitcoin's (BTC) market sentiment in a recent tweet. According to Sigel, Bitcoin's Net Unrealized Profit/Loss (NUPL) has shifted to a positive value and is approaching +0.5. This positive shift in market sentiment is significant as the last time NUPL turned positive from negative and approached 0.5, BTC rallied 62% over the next 34 days, moving from $45,000 to $73,000. Sigel's analysis suggests that Bitcoin may be in the early stages of a bull run.