Glassnode Metric Points to Bitcoin Potentially Reaching $590,000 on Bull Run

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%.

Next $BTC global top according to Net Unrealized Profit/Loss (NUPL): $133k – $590k

What?

NUPL is at 0.62 and predicts tops at 0.8+

Previous price increases for NUPL to get from 0.62 to the top:

2011: +3000%
2013: +800%
2013: +600%
2017: +1200%

Just getting started #Bitcoin pic.twitter.com/MkYBM9mqlW

— Rafael Schultze-Kraft (@n3ocortex) November 30, 2020

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.

🔴 My fellow bitcoiners, the bull market is upon us. Like clockwork November red dot closed above all other red dots .. at $19,700 .. a new #bitcoin ATH. This is just the beginning. We will see volatility (e.g. -35%), but also new ATH’s. Enjoy the ride!🚀🚀🚀 pic.twitter.com/27fmkCOoEY

— PlanB (@100trillionUSD) December 1, 2020