After realized price reached a high of around $24.5K in April this year, it has since declined to around $22K as people started to sell for a loss.
In the past, a recovery above realized price has signalled the bottom for Bitcoin in 2019 as well as 2020, however in 2012 and 2015 price fell back below this level.
This means that after reaching a Net Unrealized Profit/Loss of -19%, this NUPL is back above 0%, suggesting the capitulation has ended and it's time to be hopeful again.
Do you think the capitulation is now over and we have entered the hope/fear stage as this indicator suggests, or will price capitulate further?
Related topics:
Was $17.5K the low? | Weekly RSI leaving oversold conditions | Is Bitcoin bottom there yet? Fear & Greed, Pi Cycle Top / Bottom