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Analysis of Corrections Based on Bitcoin NUPL Data: Why is the 0.5 Level Important?
Analysis of Corrections Based on Bitcoin NUPL Data According to the Bitcoin NUPL data in the chart, it can be observed that in the early stages of bull cycles, when the value first rises above the 0.5 level, it is not sustained in the short term, and Bitcoin price experiences corrections. This has happened several times when historical data is examined. 1. August 16, 2012: NUPL reached 0.57 points. Bitcoin price rose to $13.5. A deep correction occurred, and the Bitcoin price dropped to $8. After the correction, the Bitcoin price rose to $232. 2. June 16, 2016: NUPL rose above the 0.5 level. Bitcoin price rose to $769. A deep correction occurred, and Bitcoin dropped to $539. After the correction, the Bitcoin price rose to $19,000. 3. June 26, 2019: NUPL rose above the 0.5 level. Bitcoin price rose to $12,915. A deep correction occurred, and Bitcoin dropped to $6,616. After the correction, the Bitcoin price rose to $69,000. Conclusion: In early bull periods, corrections that occurred after NUPL rose above the 0.5 level lasted an average of 100 - 150 days. The Bitcoin price has risen between 800% and 4000% after corrections (the rise in 2013 was quite different). Looking at the current situation, NUPL rose above 0.5 points on December 4, 2023, and after a turbulent period of about 50 days, Bitcoin price experienced a correction of up to 21%. However, Bitcoin quickly recovered and reached a new ATH. Has the correction ended? It is very challenging to give a definitive answer to this question, but the light that past data sheds on us is that the Bitcoin price will continue to rise significantly in the coming days. This road will be bumpy and Bitcoin may stumble at times, but it will eventually reach its destination. Thank you for reading.