The graph so tells us, bitcoin gonna move up further for sure.
We are getting near the Greed and Euphoria stage but this could go much higher before we get in the blue zone, and like I said NUPL chart should be watched in combination with other indicators.
One of those indicators is made by GMI GlobalMacroInvestor and it is called GMI Metcalfe Model value based on Metcalfe's Law, and from report written last year it was very optimistic in predicting much higher valued Bitcoin by the end of 2021, and 1M value by 2025.
In this report written by their CEO Raoul Pal they say that only Bitcoin and Gold could save us and/or make us rich in future, and that everyone needs to own a Bitcoin.
What is Metcalfe's Law?
Quote
Metcalfe’s Law is a concept used in computer networks and telecommunications to represent the value of a network. Metcalfe's Law states that a network's impact is the square of the number of nodes in the network.
https://www.techopedia.com/definition/29066/metcalfes-lawMetcalfe's Law was initially used for telecommunications but it was later adopted and adjusted to predict Bitcoin price, network value and market price.
According to this report from 2018 and others, Bitcoin price is following metcalfes law
GMI Model Metacalfe Value
https://www.globalmacroinvestor.com/