Net Unrealized Profit/Loss returns to levels that in the past have triggered giant Bitcoin price rises, Glassnode notes.
The current Bitcoin (BTC) bull run could send BTC/USD as high as $590,000, one indicator forecast this week.
Curated by on-chain analytics resource Glassnode, the Net Unrealized Profit/Loss (NUPL) index has reached a level that has historically launched the Bitcoin price an order of magnitude higher.
Unrealized profit chart hits launchpad level
The latest bull signal was noticed and uploaded to social media by the company’s CTO, Rafael Schultze-Kraft, on Nov.