Grizzly
A study on NUPL
Analyzing the NUPL in the ten-year trend of Bitcoin has some interesting points. We all know that the beginning of bullrun is to break the previous ATH (marked by blue line). In the chart below, the beginning of bullrun coincides with the cross above the red zone by NUPL. The yellow zone plays an important role in this analysis. Breaking below this zone marks the beginning of the bear market, and one can wait until reaching the green zone and even below it to buy Bitcoin (Undervalued). On the other hand, the yellow zone can also play a supportive role in the mid-cycle uptrends which worked well in the recent uptrend.