A key metric compiled by on-chain analytics company Glassnode points to Bitcoin’s current bull rally taking the price as high as $590,000.
According to Glassnode, Bitcoin’s Net Unrealized Profit/Loss (NUPL) index has reached a level that historically indicates the price will continue to an order of magnitude higher.
In a tweet published on November 30, Glassnode Chief Technology Officer (CTO) Rafael Schultze-Kraft predicted that the next global top for Bitcoin would fall between $133,000 and $590,000.
Schultze-Kraft outlined past rallies for Bitcoin that all showed a similar trend on the NUPL index, including 2017’s bull run which saw a price increase of more than 1200%.
Bitcoin’s NUPL is currently 0.62, which falls in a range of historic uptrends leading to new price highs. The metric measures the proportion of coins in circulation that are profitable versus those which are still trading at a loss. A higher index indicates that a greater proportion of the network is profitable.
Popular crypto analyst and Stock-to-Flow proponent PlanB also predicted Bitcoin would establish more all-time highs in the near future, despite undergoing volatility.
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