Crypto analyst Burak Kesmeci has recently shared another bullish prediction on Bitcoin (BTC), indicating the maiden cryptocurrency may be on an uptrend for the foreseeable future. In the meantime, BTC continues to hover around $104,000 showing 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 valuable insights on the Bitcoin market using the Bitcoin NVT Golden Cross metric. For context, the Bitcoin Network Value to Transaction (NVT) is a basic 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.
However, the 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 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 reached its local bottom zone i.e. ≤ -1.6 points some five times. At each time this occurred, BTC prices rebounded and produced an uptrend. Most notably during the US election week, Bitcoin prices soared as the NVT Golden Cross touched its local bottom.
Currently, Kesmeci notes this NVT Golden Cross is at -1.44 having been on a downtrend over 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 crypto analyst shares that the Bitcoin NVT Golden Cross has been forming higher local bottoms since July 2024, indicating the premier cryptocurrency has gathered a strong upward momentum backing its potential for further gains.
BTC Bulls Charge As Bull Run Intensifies
In other news, the Bitcoin market bulls are making big moves following the asset’s price gain in the past week. According to CryptoQuant analyst Crazzyblockk, data from Binance shows that the monthly Taker Buy-Sell Ratio gained by 18+%, a percentage change last 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 indicates buyers are 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.
Featured image from Fortune, chart from Tradingnview