While the leading cryptocurrency Bitcoin (BTC) started to decline after the peak it reached on August 14, it still has not escaped this downward trend. While there is some bearish talk about Bitcoin, which has fallen to $108,000, the majority of analysts argue that the bull run is not over yet. At this point, the CryptoQuant analyst said that Bitcoin is still bullish and in its middle phase. In his latest analysis, the analyst, who examined the on-chain metric NUPL (Net Unrealized Profit/Loss), found that Bitcoin is in the middle stage of a bull market based on the NUPL level. CryptoQuant analyst PelinayPA stated that the Bitcoin NUPL data is currently at 0.52, indicating that this figure shows us that the bull market is in its middle stage. Stating that historically, the upward movement pattern repeats when NUPL reaches the 0.5~0.6 range, the analyst said that BTC could rise to the $120,000-150,000 levels in the medium and long term. “The Bitcoin NUPL ratio has reached 0.52, indicating the middle phase of the bull market. At the bull market peaks of 2013, 2017, and 2021, NUPL rose to the 0.7-0.8 range. Given this historical data, we are still in the middle stages of the bull market. So, the peak hasn't arrived yet. Also historically, when NUPL reached the 0.5-0.6 range, there was an accelerating upward momentum. In the short term, a correction remains possible due to profit-taking, but in the medium to long term, further gains could also push prices to new highs. Looking at past trends, Bitcoin has the potential to rise to the $120,000-$150,000 range in the future.” *This is not investment advice.