Crypto specialist Burak Kesmeci has recently unveiled another optimistic forecast regarding Bitcoin (BTC), suggesting that the original cryptocurrency may be on a rising trajectory for the foreseeable future. In the interim, BTC persists in trading around $104,000, displaying no considerable fluctuation over the previous day after a robust price rebound during the past week.
Bitcoin NVT Golden Cross Approaches Local Low, Price Uptrend Established
In a post on X dated January 18, Kesmeci offered significant observations about the Bitcoin market utilizing the Bitcoin NVT Golden Cross indicator. To put it in perspective, the Bitcoin Network Value to Transaction (NVT) represents a fundamental ratio of the coin’s market capitalization to its transaction activity. It is utilized to assess whether the market price is inflated or deflated based on network usage.
Nevertheless, the Bitcoin NVT Golden Cross is a more sophisticated iteration of the NVT that incorporates both short-term and long-term moving averages. It proves particularly useful in pinpointing market cycle highs and lows by monitoring shifts in momentum.
Over the last year, Kesmeci highlights that the Bitcoin NVT Golden Cross has touched its local low zone, i.e. ≤ -1.6 points five times. Each instance of this occurrence has led to price recoveries and uptrends. Notably, during the week of the US elections, Bitcoin prices surged as the NVT Golden Cross approached its local low.
Currently, Kesmeci observes that the NVT Golden Cross is at -1.44 after experiencing a downturn over the past 47 days. A consistent decline to the local low zone (≤-1.6) would affirm the legitimacy of BTC’s recent bounce back, paving the way for a maintained uptrend.
For long-range investors, the crypto analyst notes that the Bitcoin NVT Golden Cross has been establishing higher local lows since July 2024, signifying that the leading cryptocurrency has amassed strong upward momentum supporting its potential for additional growth.
BTC Bulls Advance As Bullish Trend Intensifies
In related developments, Bitcoin market bulls are making substantial movements following the asset’s price escalation over the past week. According to CryptoQuant analyst Crazzyblockk, data from Binance illustrates that the monthly Taker Buy-Sell Ratio has risen by over 18%, a percentage change last recorded in June 2022.
In the trading context, the Taker Buy-Sell Ratio compares the quantity of market purchase orders to market sale orders. The reported uptick in the Taker Buy-Sell Ratio indicates that buyers have been the more assertive market players over the previous month, reflecting robust bullish sentiment.
As of this writing, BTC is priced at $104,541 after a 1.02% advancement in the last day. The leading cryptocurrency also shows profits on larger timeframes, reflecting increases of 15.14% and 8.54% over the last seven and 30 days, respectively.
Featured image from Fortune, chart from Tradingview
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