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Bitcoin [BTC]: Indicators point at a bull cycle, and on-chain data reveals…

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In a new report , CryptoQuant analyst Sachi found that the assessment of Bitcoin’s [BTC] Net Unrealized Profit/Loss (NUPL) revealed that the leading coin has commenced a new bull cycle.

The NUPL is a metric used to evaluate the profit margin of the BTC market in relation to its market capitalization. A value below zero indicates an accumulation phase, while values above 0.5 suggest a distribution phase.

According to Sachi, “the crucial threshold to monitor is 0.2.” In the current market, BTC’s NUPL has reached this “crucial” position.

The review conducted by the analyst on BTC’s historical performance found that a golden cross, which typically occurs between the 128 and 200-day moving averages, signals the end of the accumulation phase when the NUPL metric reaches or surpasses 0.2.

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