On August 7, bitcoin reached as high as $44,600, which is the highest price it’s hit since the well-known May 19 crash.
In the meantime, there are rumors that BTC could encounter a fairly similar upward boom as the one that started in October of last year.
There are more than two indicators anticipating that Bitcoin will follow a remarkable upward trend. Glassnode’s Entry-Adjusted Net Unrealized Profit/Loss (NUPL), which aids investors in figuring out the profit or loss status of the Bitcoin network, is one of these indicators.
Usually, when you have a NUPL chart, any readings above the zero mark show that the network is currently gaining profits. As the NUPL deviates from zero, the easier investors are able to determine the market tops and bottoms.
Back in October 2020, the Bitcoin NUPL shifted upwards of zero as its heat map switched colors from yellow to green.
Afterwards, the prices experienced a sharp increase from $10,000 to $65,000.
Bitcoin later fell to the range of below $30,000, a stage that saw its NUPL mood transform from covetousness to denial and afterwards to worry.
Thankfully, a solid buying sentiment enabled Bitcoin to hover around the $30,000 threshold, counteracting the worry with optimism.
Will Clemente, a market analyst, revealed another indicator that points to October 2020’s upside swing. This was the spirited dynamics between short and long-term Bitcoin holders.
Clemente pointed out Bitcoin short-term holders sold their holdings to long-term holders in such considerable proportions that the former amassed as much as the network’s supply in August 2021.
Bitcoin accomplished a record-breaking intraday level of $44,600 on Saturday prior to correcting, as a result of the profit-making sentiments.