Bitcoin On-Chain Metrics Point to Potential Pre-Halving Price Correction
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Multiple on-chain signals like NUPL and realized profits suggest Bitcoin is overheated and due for a pre-halving correction, similar to 2019.
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NUPL entering "belief" region typically precedes corrections based on historical data.
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Realized profits breaking out resemble 2019 fractal before 53% correction.
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Percentage of UTXOs in profit entering "oversold" area also preceded 2019 correction.
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First quarter of 2024 could see decline if history rhymes with these on-chain signals pointing to an overheated market.