Bitcoin ($BTC), the world’s largest digital currency by market capitalization, is likely to enter into a new bull run as per the new data. As per the analysis of the on-chain metric, NRPL, the largest cryptocurrency is all set to rally after crossing the section of overheating and hitting the bottom line.
What does the Analysis of NRPL Say?
Net Realized Profit and Loss (NRPL) is an on-chain metric of Bitcoin ($BTC) that measures the net loss or profit of all transactions of $BTC, looking at the price (purchased and sold). As per its current analysis, Bitcoin ($BTC) is standing right over the stage of starting a bull run after passing through the two critical stages.
According to the NRPL’s recent data, the king cryptocurrency first crossed the stage of overheating, and then it hit the bottom stage. As shown in the chart below, after showing a bottom signal, the digital currency is now all set to begin the new bull run, which might start sooner than expected.
Investors’ Sentiment Starts Recovering
A short-term correction in the market is expected now as the sentiment of investors has started recovering. This means that the chances of the largest cryptocurrency starting a new bull run have started increasing now, and we might see Bitcoin (BTC) crossing the figure of $100k once again.
As of the time of writing, the price value of Bitcoin is revolving around the figure of $93k with a negative change of 0.50% in the last 24 hours. Though the 24-hour behaviour of the coin is slightly reddish at the moment but if we look at the weekly behavior of the digital currency, it’s still in the greenish zone, which shows the coin will soon be seeing upward movement in the days to come.
