Despite recent declines from Bitcoin’s peak on August 14th, analysts remain bullish, citing the cryptocurrency’s current position in a middle-stage bull market. CryptoQuant analyst PelinayPA provides insights into this trend by analyzing NUPL (Net Unrealized Profit/Loss), a key on-chain metric. 0.52 NUPL currently indicates that Bitcoin is in its middle phase of a bull market, according to the analyst’s latest analysis. They highlight the historical pattern – when NUPL reaches the 0.5-0.6 range, it signals an upward momentum often witnessed at previous bull market peaks. In comparison to past bull market highs of 2013, 2017, and 2021, where NUPL rose to the 0.7-0.8 range, Bitcoin’s current NUPL level suggests a continued potential for growth in the short term. The analyst notes that even with possible short-term corrections driven by profit-taking, long-term gains are expected, potentially pushing prices toward $120,000-$150,000. It is important to remember this information does not constitute investment advice.