CandleFocus Bitcoin’s NVT Golden Cross Points to $93,000 as Stepping Stone, Not the Top
2024-11-16
Author: Content Editor
The NVT golden cross for Bitcoin suggests that the recent price surge to over $93,000 may not be the peak for this cycle. The NVT metric indicates whether the price is overheating or cooling excessively. Currently, the metric's reading is -3.25, indicating that Bitcoin still has room to appreciate. Historical data and the position of the metric suggest that Bitcoin could climb towards $100,000 before the end of the year. This outlook is supported by analyst Crypto Kaleo, who believes that Bitcoin crossing $100,000 will bring back retail investors. Additionally, data from Glassnode shows that Bitcoin is trading above the realized price of Short-Term Holders and Long-Term Holders, suggesting that the price could continue to rise. On the 3-day chart, Bitcoin has formed a bullish flag, which could indicate a rally towards $104,228 if buying pressure increases. However, if the NVT golden cross reaches an extremely high value, it could signal a local top and a notable correction in the price of Bitcoin.
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