Bitcoin’s Price Outlook: A 40,000 Dollars-48,000 Dollars Range Possible as NUPL Indicator Shifts to Orange in Four to Six Weeks

Crypto News- In a recent Twitter update, CryptoCon, a respected technical analyst within the realm of Bitcoin, generously shared their valuable insights into the present state of Bitcoin’s price and data trends. According to CryptoCon, Bitcoin is currently grappling with substantial price resistance. Nevertheless, upon closer examination of the data, a more promising outlook unfolds.

Bitcoin’s Price Outlook: A 40,000 Dollars-48,000 Dollars Range Possible as NUPL Indicator Shifts to Orange in Four to Six Weeks

Fundamentally, despite the formidable price resistance that Bitcoin is presently confronting, the data paints a different and more optimistic picture. CryptoCon underscored a recurring pattern where, in each market cycle, Bitcoin’s Net Unrealized Profit/Loss (NUPL) indicator transitions into the ‘orange’ zone, indicative of the cycle’s midpoint. To provide context, NUPL is a metric that assesses the overall profitability of Bitcoin holders. When NUPL enters the orange zone, it signals that the majority of Bitcoin holders are in a profitable position, typically serving as a bullish indicator.

A particularly noteworthy observation made by this technical analyst is that the shift of NUPL into the orange zone could manifest at any point within the Bitcoin price range spanning from $40,000 to $48,000. Given Bitcoin’s current valuation around $34,000, the analyst pointed out that this transition has yet to materialize.

Furthermore, CryptoCon made a compelling case by drawing parallels between the current market conditions for Bitcoin and those observed during the 2015 and 2016 market cycles. These resemblances extend to resistance and support levels. Leveraging insights from historical data, the analyst noted that it typically took four to six weeks from the present data point for Bitcoin to reach the coveted orange zone on the NUPL chart.

The analyst went on to emphasize, “This suggests that the move may culminate in late November or early December,” hinting that the arrival of the orange zone could be sooner than anticipated. In essence, the analyst implies that history may repeat itself, raising the possibility that Bitcoin is on the cusp of another substantial upward movement in the weeks ahead.