Bitcoin Bull Run Expected as NUPL Turns Positive

IconCryptoNewsTerminal Staff15 Jul, 2024

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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.