burakkesmeci2024-08-08

The Bitcoin NVT Golden Cross metric indicates for the third time in 2024 that we are in a local bottom area.

Let me start with a warning: a local bottom area is not a precise level. What is the NVT Golden Cross? The NVT GC helps identify buy and sell zones in short-term trends (gradually). If the NVT GC rises above 2.2 points (red zone), it indicates that the price is overheating in the short-term trend and we are in a local top area. On the other hand, if the NVT GC falls below -1.6 points (green zone), it indicates that the price is cooling down excessively and we are in a local bottom area. What happened when the NVT GC previously produced local bottom signals? 1- January 18, 2024 (-2.78) BTC at 41K followed by a 78% increase. 2- July 12, 2024 (-3.70) BTC at 57K followed by a 23% increase. 3- August 7, 2024 (-2.36) BTC at 55K followed by... ✅ Conclusion Currently, we are in a local bottom area according to the NVT GC. Can the price go deeper? Yes, but we can expect the short-term trend to turn positive in this area.