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Bitcoin deleted May crash losses as price rebounds

By
Redakcja
-
3 min reading

Bitcoin (BTC) price increased as high as $44,600 on Aug.7, this is the highest level after the disastrous crash on May 19. Nevertheless, there are speculations that BTC will go through a similar upside increase doubts that BTC could go through a same upside increase during the start of October 2020. 

Bitcoin (BTC) price increased as high as $44,600 on Aug.7, this is the highest level after the disastrous crash on May 19. Nevertheless, there are speculations that BTC will go through a similar upside increase doubts that BTC could go through a same upside increase during the start of October 2020. 

There are two pointers that expects Bitcoin to try huge uptrends. The first one was Glassnode’s Entry-adjusted Net Unrealized profit/loss that handles investors in considering whether the Bitcoin network completely is at the present in a state of profit or loss. A recent NUPL reading above zero points out that the network is in a state of net profit. Whereas, value lower than zero suggests a state of net loss. The NUPL distracts itself from zero the more it helps investors see market tops and bottoms. They see the level of deviations from zero through a heat map. For instance, during an uptrend, red means “capitulation,” orange means “hope,” yellow reads “optimism,” green hints “belief,” and blue indicates “euphoria,” 

During October 2020, the Bitcoin NUPL went higher than zero as its heat map changed colors from yellow to green after passing through the red zone in March earlier that year. Also, the prices moved from technically $10,000 to around $65,000. Bitcoin decreased below $30,000 a period that witnessed its NUPL mood changing from greed to denial and later to anxiety. Hence, proving it has a strong buying sentiment near the $30,000 level which helped maintain Bitcoin’s upside sentiment perfectly, offsetting anxiety with positive outlook. Bitcoin reclaimed $40,000 and went above its upside speed, the sentiment went back to belief for the first time since October 2020. According to Lex Moskovski, Chief Investment Officer at Moskovski Capital which pointed out Bitcoin’s upside attributes following the NUPL upgrade, “We’ve entered the belief phase.” 

Will Clemente thinks that another indicator points out the October 2020s upside increase. Based on his observation the short-term holders sold their Bitcoin off to long-term holders, “Long-term holders now have over 66% of supply, short-term is now down to nearly 20%,” the analyst said. “Before the main bull run began in October, long-term holder supply reached just over 68%.” Bitcoin received an increase of $44,600 on Saturday. 

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