crypto analyst Burak Kesmeci recently shared another bullish prediction on bitcoin (btc), indicating that the inaugural cryptocurrency may be in an uptrend for the foreseeable future. Meanwhile, btc continues to hover around $104,000 and shows no significant movement over the past day following a strong price recovery over the past week.
bitcoin NVT Golden Cross Nears Local Bottom, Upward Price Trend Ensured
In <a target="_blank" href="https://x.com/burak_kesmeci/status/1880646794654142952″ target=”_blank” rel=”noopener nofollow”>a post On January 18, Kesmeci provided valuable insights into the bitcoin market using the bitcoin NVT Golden Cross metric. For context, bitcoin network transaction value (NVT) is a basic relationship between the asset's market capitalization and its transaction volume. It is used to evaluate whether the market price is overvalued or undervalued based on network activity.
However, bitcoin NVT Golden Cross is a more advanced version of NVT that incorporates the use of short-term and long-term moving averages. It is particularly effective at identifying market cycle highs and lows by tracking changes in momentum.
Over the past year, Kesmeci notes that bitcoin NVT Golden Cross has reached its local bottom zone, i.e. ≤ -1.6 points about five times. Each time this occurred, btc prices rallied and produced an uptrend. Notably, during the US election week, bitcoin prices soared as the NVT Golden Cross hit its local bottom.
Currently, Kesmeci notes that this NVT Golden Cross is at -1.44 after being in a downtrend for the last 47 days. A continuous fall towards the local lower zone (≤-1.6) would confirm the validity of btc's recent rally leading to a sustained uptrend.
For long-term investors, the crypto analyst shares that bitcoin NVT Golden Cross has been forming higher local bottoms since July 2024, indicating that the leading cryptocurrency has gained strong upward momentum supporting its potential for further gains.
btc Bulls Charge As Bull Run Intensifies
In other news, bitcoin market bulls are making big moves following the asset's price surge over the past week. According Crazzyblockk, CryptoQuant analystBinance data shows that the monthly buy-sell rate of buyers increased by more than 18%, a percentage change last recorded in June 2022.
In trading, the taker's bid-sell ratio compares the number of market buy orders to market sell orders. The positive gain reported in the buyers' bid-sell index indicates that buyers are the most aggressive participants in the market over the past month, reflecting strong bullish sentiment.
At the time of writing, btc is trading at $104,541 after a 1.02% gain in the last day. The leading cryptocurrency also sees gains over longer time frames, reflecting gains of 15.14% and 8.54% over the last seven and 30 days, respectively.
Featured Image by Fortune, Chart by Tradingnview
