{"id":176658,"date":"2021-08-13T19:30:07","date_gmt":"2021-08-13T14:00:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=176658"},"modified":"2021-08-13T11:36:24","modified_gmt":"2021-08-13T06:06:24","slug":"bitcoin-is-set-for-a-pump-to-60k-if-this-happens","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-is-set-for-a-pump-to-60k-if-this-happens\/","title":{"rendered":"Bitcoin is set for a pump to $60K if this happens"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">With <a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\">Bitcoin\u2019s<\/a> price surging from $37.2K to $46.49K, one section of the market is rejoicing the rally, while the other is skeptical of the same being a pseudo rally. Keeping in mind the crypto market\u2019s general fame for volatility, it\u2019s no shock that the skeptics aren\u2019t very bullish about the recent rally, but do the arguments have a thread of truth to it?<\/span><\/p>\n<p><b>Net profit turns positive\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The net unrealized profit\/loss (NUPL) finally moved above the 0.5 level (turned green), highlighting the continuation of the bull run. NUPL looks at the difference between the unrealized profit and unrealized loss to determine whether the network as a whole is currently in a state of profit or loss. From May end till August 6, NUPL indicated a total loss for the network as a whole.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The turning green of the NUPL came as a huge relief to the entire network, however, the indicator still read 0.52 at press time. Ideally, the indicator noting a higher value than 0.75 has indicated tops in the past, while values below 0.25 are generally the bottoms. Over the years, it is seen that a NUPL cycle in either of the sections (yellow or green) during a bull rally or bear market, has roughly lasted for a year since 2016.\u00a0<\/span><\/p>\n<figure id=\"attachment_176659\" aria-describedby=\"caption-attachment-176659\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average.png\"><img decoding=\"async\" class=\"size-full wp-image-176659\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/glassnode-studio_bitcoin-net-unrealized-profit-loss-nupl-14-d-moving-average-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-176659\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This bull run, however, lasted just six months but now as the indicator has jumped above the 0.5 level, it highlighted a similar recovery from a short bearish market as seen in October 2012 and July 2013. At that time, the indicator pumped shortly afterward and proceeded to reach a new high of 0.8 by the end of the year. Now if a similar thing happened this time, BTC prices might pump to $60K, or make a new all-time high.<\/span><\/p>\n<p><b>Bears or bulls, who\u2019s winning?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While NUPL highlighted a general bullishness, it\u2019s important to note that even if this rally is here to stay the slight uptick in the indicator is just the beginning of the same. Notably, it was seen that the short-term holder NUPL (STH NUPL) also traded back to positive values after a long time.\u00a0<\/span><\/p>\n<figure id=\"attachment_176660\" aria-describedby=\"caption-attachment-176660\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-scaled.jpg\"><img decoding=\"async\" class=\"size-full wp-image-176660\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1471\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-300x172.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-1024x589.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-768x441.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-1536x883.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/E8kPs87VEAExhxW-2048x1177.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-176660\" class=\"wp-caption-text\">Source: Glassnode Tweet<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A post by analytics platform Glassnode <a href=\"https:\/\/twitter.com\/glassnode\/status\/1425689124715958278?s=20\">noted<\/a> that STH NUPL turning green meant that on aggregate, STHs are in a &#8216;slight profit relative to their on-chain costs basis.&#8217; However, the post also highlighted that such a rapid recovery is common in two cases:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe first one is in the case of a bear market relief rally while the second is the disbelief phases of a bull market.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">As seen in the above chart this rally could either be a mini-bull rally or an actual rally to an ATH but that depends on various other factors too. As highlighted in a <\/span><a href=\"http:\/\/ambcrypto.com\/these-3-key-metrics-indicate-that-the-current-bitcoin-rally-is-most-likely-to\/\"><span style=\"font-weight: 400;\">previous article<\/span><\/a><span style=\"font-weight: 400;\"> certain metrics need to reach their old ATHs for BTC to reach its own. That being said, in the light of NUPL, it is also interesting to see an influx of new entities in the market.\u00a0<\/span><\/p>\n<figure id=\"attachment_176661\" aria-describedby=\"caption-attachment-176661\" style=\"width: 1800px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4.jpg\"><img decoding=\"async\" class=\"wp-image-176661 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4.jpg\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4.jpg 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4-300x169.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4-1024x576.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4-768x432.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/BTCnetentity4-1536x864.jpg 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-176661\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Analyst, Lex Moskovski, also <a href=\"https:\/\/twitter.com\/mskvsk\/status\/1425741946421747712?s=20\">highlighted<\/a> that, \u2018Bitcoin network participants continued to awaken at a record pace,\u2019 underlining the rise in net entities growth. In hindsight, it is important to note that whenever new entities have come into the picture, Bitcoin\u2019s price has substantially rallied. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With Bitcoin\u2019s price surging from $37.2K to $46.49K, one section of the market is rejoicing the rally, while the other is skeptical of the same being a pseudo rally. Keeping in mind the crypto market\u2019s general fame for volatility, it\u2019s no shock that the skeptics aren\u2019t very bullish about the recent rally, but do the<a href=\"https:\/\/ambcrypto.com\/bitcoin-is-set-for-a-pump-to-60k-if-this-happens\/\">Continue reading <span class=\"sr-only\">&#8220;Bitcoin is set for a pump to $60K if this happens&#8221;<\/span><\/a><\/p>\n","protected":false},"author":42,"featured_media":176662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-176658","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin is set for a pump to $60K if this happens - 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