Is another Bitcoin bull run underway? This analyst thinks so

Bitcoin might be poised for another bull cycle.

This is based on readings from its NUPL, MVRV Ratio, and Puell Multiple.

Bitcoin [BTC] may be gearing up for another surge despite a recent pullback from its 2023 high of $44,000, pseudonymous CryptoQuant analyst Tarekonchain noted in a new report.

These indicators hint at another bullish rally

Tarekonchain assessed three key on-chain indicators and found that their values have gradually increased recently.

Based on these readings, the analyst concluded that

The first metric the analyst considered was BTC’s Net Unrealized Profit/Loss (NUPL). The NUPL metric determines whether BTC holders are currently experiencing unrealized gains or losses.

It compares the average purchase price of all BTCs investors hold to the current market price. When it rises above zero and remains in an uptrend, it means that BTC holders are in profit.