Bitcoin’s continuing correction may perhaps end soon and open the digital asset’s path to a price top of 300,000 USD, as per 2 metrics.
Even though the price of BTC dropped by more than ten thousand USD since its all-time high of 42,000 USD, historical on-chain data suggests that the cryptocurrency may perhaps still experience a noteworthy upsurge in the ensuing months.
At the same time, one more indicator implied that Bitcoin’s correction has gone through its most detrimental phase and might end shortly.
Ensuing the recent abrupt price decay, the metric has fallen to near neutral levels, which suggests that the retracement is nearly done.
Should the retracement really finish, additional Glassnode data sees remarkable increases hidden behind the bend for Bitcoin, as per the Net Unrealized Profit/Loss (NUPL) metric.
Notably, Bitcoin has dumped almost immediately after NUPL moves above 0.75. Nevertheless, BTC was rejected this time, and history demonstrates a likely approaching price increase.
Glassnode mentioned that the last time Bitcoin’s NUPL was rejected at this level, during the bull run in 2017, the digital asset surged approximately nine hundred percent prior to touching the top. If the cryptocurrency is to surge by such a percentage now, it would lead the price to three hundred thousand dollars.
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