CryptoQuant analyst: Bitcoin shows "local bottom" signal for the third time this year
Bitcoin reportedly shows "local bottom" signal for the third time in 2024. According to the latest research from the on-chain analysis platform CryptoQuant, the Network Value and Transaction Golden Cross (NVT-GC) tool shows a bullish trend. This week, BTC/USD is at risk of falling again as the moving average forms a so-called "death cross". However, the long-term market outlook is unclear, and other market indicators suggest that the rebound may continue.
The previous two bottom signals appeared on January 18 and July 12, respectively, and BTC prices subsequently rose by 78% and 23%, respectively. Currently, according to NVT GC, we are in the local bottom area. Although prices may fall further, the short-term trend is expected to turn positive in this area.