CandleFocus Bitcoin’s NUPL in ‘Belief’ Stage: Will $80K Be The Peak For BTC?
2024-11-08
Author: Content Editor
The Net Unrealized Profit/Loss (NUPL) chart for Bitcoin indicates that the market is currently in the 'Belief' stage, characterized by confidence and long-term holding as prices rise. This suggests that investors are optimistic about further price increases. The duration of this phase is uncertain and will depend on market conditions. Bitcoin heatmaps show resistance around $77.5k and a concentration of stop orders below that price, which could lead to significant price movements if triggered. The charts also suggest a potential rise of 236% from the current level, projecting a top near $248k. Historical patterns indicate that $70k to $80k could act as a critical support range in any forthcoming bear market. The timeline to reach a new euphoric phase could be influenced by past cycles, with an acceleration expected within the next 1-2 years.
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