Bitcoin had a wild weekend! Prices surged past $108,000, hitting a new record high of $109,350, before a quick dip to $99,400. This rollercoaster left everyone wondering what’s next.
What the Experts Say
Analyst Axel Adler looked at a key metric called Net Unrealized Profit/Loss (NUPL) for Bitcoin miners. This basically shows whether people are making or losing money overall. According to data from CryptoQuant, the NUPL is currently at 0.5. Historically, this level suggests there’s still room for Bitcoin to grow. Adler thinks we haven’t hit the peak yet – the bull run might have further to go!
Bitcoin Miners are Still Holding On
Bitcoin’s currently in the final stage of its four-year cycle. These final stages are usually when prices explode. With a generally positive outlook towards crypto, many believe Bitcoin could reach even higher prices.
Adler’s analysis, using CryptoQuant’s NUPL data, shows that miners still have unrealized profits. This suggests further growth is possible. Usually, when NUPL goes above 0.75, things start to cool down. But we’re not there yet. The combination of positive regulation, strong data, and general optimism makes for a good outlook.
Bitcoin Price: Holding Strong (For Now)
Bitcoin’s currently trading around $103,700, staying above the important $100,000 mark. This is a good sign, but things are still uncertain.
To really confirm the bullish trend, Bitcoin needs to break above its previous all-time high. A move above $110,000 would be a strong signal, potentially leading to even higher prices. However, falling below $100,000 could lead to a period of slower growth.
The next few days will be crucial. Everyone’s watching closely to see which way Bitcoin goes next.
