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Bitcoin Remains Bullish Despite Falling to $108,000

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by Giorgi Kostiuk

2 days ago

Bitcoin continues to show volatility, dropping to $108,000. Analysts still believe the potential for growth remains.

Current State of Bitcoin

After peaking on August 14, Bitcoin has begun to decline; however, most analysts believe the bull market is not over yet. Currently, Bitcoin is trading at $108,000, and there is discussion of possible bearish signals, but overall optimism persists.

Analysis of NUPL and Its Significance

CryptoQuant analyst examining the NUPL (Net Unrealized Profit/Loss) metric noted that the current NUPL level stands at 0.52. This indicates that Bitcoin is still in the middle phase of a bull market. Historically, when NUPL reaches the 0.5-0.6 range, upward acceleration is observed.

Price Prospects for Bitcoin

According to the analysis, Bitcoin could rise to $120,000-$150,000 levels in the medium to long term. Despite the possibility of short-term correction due to profit-taking, there is potential for new highs in the medium term.

Thus, while Bitcoin's price currently stands at $108,000, there are indications pointing to its resilience and potential for further growth.

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