Bitcoin is showing a "partial bottom" signal for the third time in 2024. According to the latest research from on-chain analytics platform CryptoQuant, the Network Value and Trading Gold Cross (NVT-GC) instrument is showing a bullish trend. This week, BTC/USD is at risk of falling again as moving averages form a so-called "death cross". However, the long-term market outlook is not yet clear, and other market indicators suggest that the rally may continue.
The previous two bottom signals appeared on January 18 and July 12, respectively, followed by BTC price gains of 78% and 23% respectively. Currently, according to NVT GC, we are in the local bottom area. Although the price may further dip, the short-term trend is expected to turn positive in this area.
CryptoQuant Analyst: Bitcoin Shows "Partial Bottom" Signal for Third Time This Year
2024-08-12 09:56:33
Bitcoin 2024 third time display local bottom signal according todesk3cryptocurrencydesktopCrypto News
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