Bitcoin Bullrun with price target of USD 590,000? – Glassnode CTO shows massive growth potential
How high can the Bitcoin price rise?
This crucial question probably occupies many in the entire community. Depending on various parameters such as the forecasting technique and the inclusion of different factors, price targets range from USD 50,000 to USD 1,000,000. We have now seen a very bullish forecast from Glassnode CTO Rafael Schultze-Kraft on Twitter.
Let’s take a look at why the Bitcoin price could rise to USD 590,000 in the bull run and which indicator forms the basis for this forecast.
Bitcoin price target of 590,000 US dollars?
Glassnode is best known for its high quality and unique on-chain analysis. The Swiss-based experts provide metrics on Bitcoin, Ethereum and other crypto currencies.
Rafael Schultze-Kraft is the Chief Technology Officer (CTO) of Glassnode. In a tweet published on November 30, Schultze-Kraft spoke about the potential of the Bitcoin course.
According to his forecast, the next maximum is a Bitcoin Bullrun between $133,000 and $590,000.
From today’s perspective, the Bitcoin price could therefore rise by a factor of about 30x.
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NUPL metrics as basis for prediction
The Glassnode CTA used the so-called NUPL metric as the basis for the tweet. This is an abbreviation that stands for Net Unrealized Profit/Loss.
The metric is the difference between Net Unrealized Profit and Net Unrealized Loss. For more information about the calculation, please visit the Glassnode website.
Based on historical data, the current NUPL value of 0.62 indicates that there is further potential for growth in the Bitcoin price.
According to this metric, a Bitcoin price high is associated with a NUPL value of 0.8. From the graph above, which is stored in the Tweet, we can see the percentage historical growth that was achieved during this growth phase.
In general, not only the Glassnode CTO Schultze-Kraft is positive about the Bitcoin share price. PlanB also continues to see its forecasting model, the Stock-to-Flow model, as a precise tool for predicting the Bitcoin price.