Crypto analyst Burak Kesmesi recently shared another bullish prediction on Bitcoin (BTC), indicating that the first cryptocurrency could be on a bullish trend in the near future. Meanwhile, BTC is hovering around $104,000 after showing no significant changes over the past day following a strong price correction over the past week.
Bitcoin NVT Golden Cross Nears Local Low, Price Rise Secured
In a x post On January 18, Kesmesi provided valuable insights on the Bitcoin market using the Bitcoin NVT Golden Cross metric. For reference, Bitcoin Network Value to Transactions (NVT) is the basic ratio of an asset’s market capitalization to its transaction volume. It is used to measure whether the market price is overvalued or undervalued based on network activity.
However, Bitcoin NVT is a more advanced version of Golden Cross NVT that involves the use of short-term and long-term moving averages. It is particularly effective for identifying market cycle tops and bottoms by tracking changes in momentum.
Over the past year, Kesmesi noted that the Bitcoin NVT Golden Cross has reached its local low area i.e. -1.6 points some five times. Every time this happens, the price of BTC spikes and creates a bullish trend. Especially during the US election week, Bitcoin prices rose as the NVT Golden Cross touched its local low.
Currently, Kesmesi notes that this NVT Golden Cross is at -1.44 and has been in a downtrend for the last 47 days. Continued decline in local low-lying areas (-1.6) will confirm the validity of BTC’s recent recovery leading to a continued uptrend.
For long-term investors, crypto analysts share that the Bitcoin NVT golden cross is forming a higher local bottom from July 2024, indicating that the leading cryptocurrency has gained a strong upward momentum supporting its potential for further gains. Is of.
BTC bulls get charged as bull run intensifies
In other news, Bitcoin market bulls are making big moves after the asset’s price surge over the past week. according to cryptoquant analyst crazyblockData from Binance shows that the monthly buyer buy-sell ratio has increased by 18+%, a percentage change last recorded in June 2022.
In trading, the taker buy-sell ratio compares the number of buy orders in the market to sell orders in the market. The positive increase reported in the Taker Buy-Sell ratio indicates that buyers are more aggressive market participants compared to the last month which reflects a strong bullish sentiment.
At the time of writing, BTC is trading at $104,541 after gaining 1.02% the previous day. The leading cryptocurrency is also in gains on larger timeframes, showing gains of 15.14% and 8.54% over the last seven and 30 days, respectively.
Featured image from Fortune, chart from TradingView
