Recent analytical data indicates a potential new bull market for Bitcoin, the largest cryptocurrency by market capitalization.
NRPL Analysis
Net Realized Profit and Loss (NRPL) is a metric for Bitcoin that measures the net profit or loss from all transactions. The current analysis indicates that Bitcoin is at the stage of beginning a bull market after surpassing critical levels. NRPL data suggests that after crossing the overheating stage, Bitcoin has signaled reaching its bottom, which may predict a market rally.
Investor Sentiment Recovery
Currently, a short-term correction is expected in the market as investor sentiment has started to recover. This increases the chances of the largest cryptocurrency starting a new bull market, and Bitcoin may soon surpass the $100,000 mark.
Current Bitcoin Price
At the time of writing, Bitcoin's price was around $93,000 with a slight decline of 0.50% in the last 24 hours. However, despite the current fluctuations, the weekly behavior of the digital currency remains in the positive zone, indicating potential upward movement in the near future.
Thus, in light of the NRPL analysis and the recovery of investor sentiment, Bitcoin may soon initiate a new bull cycle that will significantly impact the market.
