This metric suggests that the price of Bitcoin could hit $ 590,000 on this bullish surge.

Bitcoin’s current bullish rise (BTC) could bring BTC / USD to $ 590,000, an indicator forecast for this week.

Curated by online analytics resource Glassnode, The Unrealized Profit and Loss Index (NUPL) has reached levels that historically has brought the price of Bitcoin an order of magnitude higher.

Unrealized Profit Chart reaches launch pad level

The latest bullish signal was reported by the company’s CTO and uploaded to social media. Rafael Schultze-Kraft, 30th of November. At this point in time, BTC / USD was already making new all-time highs on various exchanges.

The NUPL is currently at 0.62. Before, Reaching this level triggered an upward trend that only declined when Bitcoin hit a new price range.

In 2011, the price rose a record 3,000% after the NUPL event, while in early 2013 it rose 800% and a further 600%. later in the year. 2017, the year Bitcoin hit its all-time high, saw a 1,200% increase.

NUPL measures the proportion of currencies on the network that are making profits versus those that are not. Built around a neutral zero value, The further the index is shifted, the more the network benefits. Negative readings also mean majority losses.

“The NUPL is 0.62 and forecasts the upper limits at 0.8+,” explained Schulze-Kraft along with an annotated diagram.

A value of 0.8 or higher this time opens the door for BTC / USD to hit a high between $ 133,000 and $ 590,000.

“This is just getting started,” he concluded.

PlanB: The Bitcoin bull market is just around the corner

Action on Monday, meanwhile, an already confident analyst who had long said that this year’s performance was “like clockwork”“.

Plan B, the pseudonym creator of the family of stock-to-flow based Bitcoin pricing models, He said on December 1 that after the final halving in May, everything would go according to plan.

“My Bitcoinists, the bull market is just around the corner,” he saidand create the latest version of their Stock to Flow Cross Assets (S2FX) chart showing BTC / USD is experiencing its highest monthly closing price.

Like Schulze-Kraft, PlanB believes the recent gains only mark the start of Bitcoin’s next phase., a theory that Bitcoin simply follows its historical behavior.

“Like clockwork, the red dot closed above all the other red dots in November … at $ 19,700 … a new all-time high for Bitcoin. This is just the beginning.. We will see volatility (e.g. -35%) but also new all-time highs. Enjoy the ride! “, He added.