Bitcoin analyst Burak Kesmeci has recently expressed another optimistic forecast about Bitcoin (BTC), suggesting that it might keep rising for an extended period ahead. Currently, BTC remains stable near $104,000, exhibiting minimal fluctuation over the last day after a robust price surge in the previous week.
Bitcoin NVT Golden Cross Nears Local Bottom, Price Uptrend Secured
On January 18th, I shared an insightful post about the Bitcoin market, utilizing the Bitcoin NVT Golden Cross metric. To clarify, the Bitcoin Network Value to Transaction (NVT) is a fundamental ratio that measures the asset’s market capitalization against its transaction volume. This tool helps determine whether the market price is inflated or underpriced based on network activity.
On the other hand, the Bitcoin Network Value to Transactions (NVT) Golden Cross is an enhanced form of NVT, which employs both short-term and long-term moving averages. This sophisticated tool is particularly proficient at pinpointing market cycle peaks and troughs by monitoring shifts in momentum.
For approximately a year now, Kesmeci observes that the Bitcoin NVT Golden Cross has dipped into its lower range (≤ -1.6 points) on five separate occasions. Each time this happened, the price of Bitcoin subsequently rose and resulted in an upward trend. This pattern was particularly significant during the US election week when the price of Bitcoin surged as the NVT Golden Cross reached its local bottom.
At present, Kesmeci observes that the NVT Golden Cross stands at -1.44 and has been on a downward trend for 47 days. If it continues to decline towards the local bottom zone (-1.6) or below, this would reinforce the authenticity of Bitcoin’s recent recovery, leading to a prolonged uptrend.
Long-term investors are told by the crypto analyst that since July 2024, the Bitcoin NVT Golden Cross has been creating stronger foundations at local highs. This suggests that Bitcoin has built up significant positive momentum, hinting at the possibility of additional growth.
BTC Bulls Charge As Bull Run Intensifies
Meanwhile, it’s worth noting that Bitcoin market bulls are taking charge, boosted by the asset’s price increase over the past week. As per CryptoQuant analyst Crazzyblockk’s analysis of Binance data, the monthly Taker Buy-Sell Ratio has surged by more than 18%, a growth last seen in June 2022.
In the context of trading, the Taker Buy-Sell Ratio measures how many buy orders there are compared to sell orders. When this ratio shows a positive increase, it suggests that buyers have been more active than sellers during the past month, indicating a robust optimistic outlook or bullish trend in the market.
Currently, Bitcoin is being traded at approximately $104,541 following a 1.02% increase over the past day. Notably, Bitcoin has seen profits on both short-term and long-term scales, with gains of 15.14% over the last week and 8.54% over the past month.
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2025-01-19 11:41