Bitcoin Market Indicator Signals Room for Growth and Bullish Momentum
Crypto analyst Axel Adler Jr. has analyzed the Bitcoin (BTC) market using the adjusted Net Unrealized Profit/Loss (aNUPL) indicator, indicating a bullish outlook despite recent consolidation.
Key Insights on Bitcoin Market
- The aNUPL stands at 0.4, showing significant accumulated profit among investors.
- This level reflects controlled optimism and suggests the market is not overheated.
- Previous bull cycles peaked at aNUPL levels of 0.7-0.8, indicating euphoria which is currently absent.
Current BTC Performance
- Bitcoin's current price is $100,824 after a 1.72% decline in the last day.
- The Relative Strength Index (RSI) is at 50.43, indicating potential for higher prices.
- The 100-day simple moving average is below current prices, signaling bullish conditions.
- Resistance is at the $106,000 level; breaking this could lead to a new all-time high of $109,114.
- If rejected at $106,000, Bitcoin may continue its two-week consolidation phase.
Long-Term Outlook
- Investor sentiment remains bullish based on historical trends and favorable political environments.
- Future price expectations range between $150,000 and $350,000 before the conclusion of the next bull run.
