Bitcoin (BTC) NVT Golden Cross Nears Local Bottom, Price Uptrend Secured

Crypto analyst Burak Kesmeci has recently shared another bullish prediction on Bitcoin (BTC), indicating the maiden cryptocurrency may be on an uptrend

Crypto analyst Burak Kesmeci has shared another bullish prediction on Bitcoin (BTC), suggesting the maiden cryptocurrency may be in an uptrend for the foreseeable future.

Meanwhile, BTC continues to trade around $104,000 with no significant movement over the past day following a strong price recovery in the past week.

Bitcoin NVT Golden Cross Nears Local Bottom, Price Uptrend Secured

In an X post on January 18, Kesmeci provided key insights on the Bitcoin market using the Bitcoin NVT Golden Cross metric.

To explain, the Bitcoin Network Value to Transaction (NVT) is a simple ratio of the asset’s market cap to its transaction volume. It is used to gauge whether the market price is overvalued or undervalued based on network activity.

The Bitcoin NVT Golden Cross, however, is a more advanced version of NVT that incorporates the use of short-term and long-term moving averages. It is especially useful for identifying market cycle tops and bottoms by tracking changes in momentum.

Over the past year, Kesmeci notes that the Bitcoin NVT Golden Cross has hit its local bottom zone (i.e. ≤ -1.6 points) on five separate occasions. Each time this occurred, BTC prices rallied and produced an uptrend. Most notably, during the US election week, Bitcoin prices surged as the NVT Golden Cross hit its local bottom.

Currently, Kesmeci notes that the NVT Golden Cross is at -1.44 and has been on a downtrend for the past 47 days. A continuous decrease into the local bottom zone (≤-1.6) would validate the recent recovery in BTC, leading to a sustained uptrend.

For long-term investors, the crypto analyst adds that the Bitcoin NVT Golden Cross has been forming higher local bottoms since July 2024, suggesting that the premier cryptocurrency has gained strong upward momentum, boding well for further gains.

BTC Bulls Charge As Bull Run Intensifies

Elsewhere, the bulls in the Bitcoin market are making big moves following the asset’s price surge over the past week.

According to CryptoQuant analyst Crazzyblockk, data from Binance shows that the monthly Taker Buy-Sell Ratio increased by 18+%, a last percentage change recorded in June 2022.

In trading, the Taker Buy-Sell Ratio compares the number of market buy orders to market sell orders. The reported positive gain in the Taker Buy-Sell Ratio suggests that buyers were the more aggressive market participants over the last month, reflecting a strong bullish sentiment.

At the time of writing, BTC trades at $104,541 after a 1.02% gain in the past day. The premier cryptocurrency is also in profits on larger timeframes, reflecting gains of 15.14% and 8.54% in the last seven and 30 days, respectively.