Bitcoin's market dynamics are showing promising signs. The net unrealized profit/loss (NUPL) index is forming a cup-and-handle pattern, a bullish technical indicator. This pattern suggests a potential price surge, with Bitcoin possibly reaching the target range of $130,000 to $160,000. Furthermore, in November 2024, Bitcoin surpassed the NUPL index's 365-day moving average, reinforcing a positive outlook for the medium to long term. These developments indicate a favorable trajectory for Bitcoin, underscoring a generally optimistic sentiment in the cryptocurrency market.