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According to Cryptoquant Quickttake Post, the previously published day, the value of the network indicates the NVTEN Cross that Bitcoin (BTC) is currently carrying a high market capitalization while the size of the network transactions remains low. This has sparked fears that the price of BTC may be amplified.
Bitcoin is exaggerated by the current value?
Over the past seven days, BTC has decreased by 5.5 %, trading in a range of $ 80,000 at the time of this report. Earlier this month, the upper cryptocurrency was a potential local bottom of about $ 76,000, which raised hopes for high prices.
However, Borisage’s encrypted analyst warns that BTC problems may not end yet. In the QuickTake Publication, the analyst noted that based on NVT Golden Cross, the Bitcoin price can continue.
For beginners, the NVT Golden Cross is calculated by dividing the market value of the original according to the size of the network treatment. Read the post:
The maximum high market indicates with the volume of low transactions that the price of bitcoin may be amplified due to speculation activity. This often leads to or indicates a possible withdrawal.
Borisvist explained that the NVT scale can be used to analyze both short -term and long -term analysis. The analyst shared the following graph, and recommended that investors wait until the index moves to the Green Zone before making any purchase decisions.
Once the NVT index enters the green region, it indicates that the market value of BTC is low, while the size of the network transactions rises – a scenario that provides a strong purchase opportunity for investors and traders.
However, the current position of the NVT index indicates that the decline in BTC prices is likely to continue. In addition, the analysis indicates that the recent price increases in Bitcoin may be driven by manipulation of the market.
For the BTC price to keep its upward momentum in the long run, the volume of network transactions should increase sustainable. Meanwhile, his colleague, analyst Ali Martinez, has a different perspective from Bitcoin’s work in the short term.
BTC traders are unlikely to sell at existing prices
In the X Publication today, Martinez indicated that BTC merchants are currently sitting on a 14.57 % loss. This can inhibit them from selling at current prices and losing losing.
Many indicators indicate macroeconomics possible Reflection of the direction for BTC in the next weeks or months. For example, Master of Crypto recently High BTC can be about to go up up, with the expectation of the M2 Money supply.
In addition, technical indicators also indicate a price gathering. Recently famous encryption merchant Duplicate Until BTC follows the upscale “loudspeakers style”. At the time of the press, BTC is trading at 83,444 dollars, an increase of 0.8 % in the past 24 hours.
Distinctive image from Unsplash.com, plans from Cryptoquant, X and TradingView.com
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