Bitcoin continues to show volatility, dropping to $108,000. Analysts still believe the potential for growth remains.
Current State of Bitcoin
After peaking on August 14, Bitcoin has begun to decline; however, most analysts believe the bull market is not over yet. Currently, Bitcoin is trading at $108,000, and there is discussion of possible bearish signals, but overall optimism persists.
Analysis of NUPL and Its Significance
CryptoQuant analyst examining the NUPL (Net Unrealized Profit/Loss) metric noted that the current NUPL level stands at 0.52. This indicates that Bitcoin is still in the middle phase of a bull market. Historically, when NUPL reaches the 0.5-0.6 range, upward acceleration is observed.
Price Prospects for Bitcoin
According to the analysis, Bitcoin could rise to $120,000-$150,000 levels in the medium to long term. Despite the possibility of short-term correction due to profit-taking, there is potential for new highs in the medium term.
Thus, while Bitcoin's price currently stands at $108,000, there are indications pointing to its resilience and potential for further growth.
