Bitcoin (BTC) has a current market capitalization of $1.89 trillion, approaching $2 trillion. It rose 38% last month, setting a new all-time high in November. As the BTC price approaches $100,000, expectations are high. This is a level that can be reached with a difference of less than 5%.
The ADX suggests that the trend is weakening, but the NUPL indicates that BTC is far from the "euphoria" zone, reducing the likelihood of a strong correction.
BTC Trend Losing Strength
Bitcoin ADX is currently at 17.4, reflecting a weaker trend compared to 26 two days ago. The ADX, or Average Directional Index, measures the strength of a trend on a scale of 0 to 100, without indicating the direction. Values above 25 indicate a strong trend, while those below 20 indicate a weak or absent trend.
The current BTC ADX is still in an uptrend, but the momentum driving it has significantly weakened, suggesting the possibility of a consolidation or a slowdown in the uptrend.
Bitcoin NUPL Still Far from Euphoria
The BTC NUPL, or Net Unrealized Profit/Loss, is currently at 0.61, positioned in the "Belief - Disbelief" zone since October 14th. The NUPL evaluates the ratio of unrealized profits and losses, providing insights into market sentiment.
This level reflects growing confidence in the uptrend, as holders maintain their profits and remain optimistic about further price appreciation.
At 0.61, BTC's NUPL is still below the 'euphoria' threshold of 0.7. Historically, when the NUPL indicator has entered the 'euphoria' zone, profit-taking has accelerated, leading to a strong correction. However, the current position suggests that there is room for growth before the price reaches a risky level, and the uptrend can continue without immediate excessive expansion.
BTC Price Prediction: Regaining Momentum, Cruising to $100,000?
After a slight correction over the past few days, Bitcoin's price is now less than 5% away from reaching the historic milestone of $100,000. The ADX currently suggests that the trend is losing strength, which could delay BTC's approach to this critical level.
However, the NUPL indicates that the market is still far from the "euphoria" zone, reducing the likelihood of a strong correction at this stage.
If the uptrend regains momentum, BTC's price could break through $100,000 and test $105,000 in the short term. Conversely, if a downtrend emerges, the price could drop to $88,000 before attempting another upward move.
