The cryptocurrency community is actively discussing the potential end of Bitcoin's bull trend. In this context, CryptoQuant's research provides some important insights.
CryptoQuant's NUPL Analysis Data
In a recent post, CryptoQuant released a detailed NUPL (Net Unrealized Profit/Loss) chart highlighting the divergence between long-term holders (LTH) and short-term holders (STH). According to CryptoQuant, LTHs show strong market conviction, driving the overall bullish trend, while STHs may temporarily pressure the market. This view is supported by analysis from @abramchart.
Elliott Wave Theory in Context of Bitcoin
In addition to the NUPL charts, Elliott analysis suggests Bitcoin is in the fifth wave of an upward cycle. This scenario often implies a correction unless key support levels hold. Historical data indicates that divergences between LTH and STH frequently precede market tops.
Current Trends in Demand for Bitcoin
CryptoQuant's data indicates that realized profits currently exceed losses significantly. However, the NUPL has not yet reached extreme euphoria levels, suggesting the market has not peaked. Demand for Bitcoin continues to remain positive, with around 160,000 BTC accumulated over the past 30 days.
The situation in the Bitcoin market remains uncertain. Investors should closely monitor current data and be prepared for various scenarios as the trend continues to evolve.
