Crypto analyst Burak Kesmeci has recently shared another bullish prediction about Bitcoin (BTC), suggesting that the first cryptocurrency may be on an upward trend for the foreseeable future. Meanwhile, BTC continues to hover around $104,000, showing no significant movement over the past day after a strong price recovery over the past week.
Bitcoin NVT Golden Cross Approaching Local Bottom, Price Rise Assured
IN an X post on January 18, Kesmeci provided valuable insights into the Bitcoin market using the Bitcoin NVT Golden Cross metric. For context, Bitcoin Network Value to Transaction (NVT) is a basic ratio between the asset’s market value and its transaction volume. It is used to measure 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 in identifying the tops and bottoms of the market cycle by tracking changes in momentum.
Over the past year, Kesmeci notes that Bitcoin NVT Golden Cross has reached its local bottom zone ie ≤ -1.6 points about five times. Each time this happened, BTC prices recovered and gave an upward trend. Most 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 downward trend for the past 47 days. A continuous fall to the local bottom zone (≤-1.6) would confirm the validity of BTC’s recent recovery, leading to a sustained uptrend.
For long-term investors, the cryptoanalyst shares that Bitcoin NVT Golden Cross has formed higher local bottoms since July 2024, indicating that the top cryptocurrency has gained strong upward momentum backing 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 rally over the past week. According to CryptoQuant analyst Crazzyblockkdata from Binance shows that the monthly Taker Buy-Sell Ratio increased by 18+%, a percentage change last recorded in June 2022.
In trade, the Taker buy-sell relationship compares the number of buy orders in the market with sell orders in the market. The reported positive increase in the Taker Buy-Sell Ratio indicates that buyers are the more aggressive market participants over the past month, reflecting strong bullish sentiment.
At the time of writing, BTC is trading at $104,541 after a gain of 1.02% in the last day. The top cryptocurrency is also in gains on longer time frames, reflecting gains of 15.14% and 8.54% over the past seven and 30 days, respectively.
Featured image from Fortune, chart from Tradingnview
