Will Bitcoin soar to $160,000? BTC's NUPL suggests...

Join us live for the bull market!

Since Bitcoin (BTC) reached a high of $108,364, the price has failed to maintain upward momentum, experiencing downward pressure, dropping as low as $92,118. Recently, Bitcoin's price has been consolidating between $92,000 and $107,000. As of now, Bitcoin's trading price is $96,298, and the daily chart shows a decline of 2.44%.

Nevertheless, the market remains optimistic, believing that this pullback is a normal market adjustment, indicating potential upward movement. Cryptoquant analysts predict that based on Bitcoin's NUPL (Net Unrealized Profit/Loss) indicator, BTC could rise to between $130,000 and $160,000.

NUPL indicates Bitcoin is about to experience a bullish rebound

Analyst Baro Virtual points out that Bitcoin's NUPL indicator shows that BTC is currently in the final phase of a bull market cycle, with a target range of $130,000 to $160,000. The cup and handle formation of NUPL suggests that unrealized profits are consolidating and implies that market sentiment will temporarily slow down before a strong rise. Bitcoin successfully broke above the 365-day moving average of NUPL, further supporting expectations for a medium to long-term increase.

Strong bullish signals on BTC charts

Although Bitcoin has shown weakness recently, the long-term outlook remains positive. Bitcoin's MVRV ratio has dropped to 2.42 over the past week, indicating that the market is not overheating, and buyers have found a balance between risk and reward, providing a foundation for price recovery.

Additionally, Bitcoin's SOPR (Selling Profit/Loss Ratio) has stabilized around 1.01, indicating that the market is approaching the breakeven point, and long-term holders may view this as an accumulation opportunity. The NVT golden cross has dropped to 0.98, suggesting increased trading activity and improved market confidence.

Despite the recent pullback bringing uncertainty, Bitcoin's fundamentals show potential for recovery. If market sentiment improves, BTC may break through the resistance level of $99,790, even targeting higher levels. If bearish forces continue to strengthen, Bitcoin could drop to $95,600. Therefore, the market needs to closely monitor the upcoming trends.

Join us live for the bull market!