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After Bitcoin's ATH of $73,800 in March, it experienced sharp corrections to $56,000 due to profit taking by long-term investors.
While BTC has recovered following these corrections, it has been following a horizontal course in recent weeks. While market analysts stated that Bitcoin was preparing for a major rally after the current consolidation phase, CryptoQuant analyst also predicted that Bitcoin may be preparing for an increase.
At this point, CryptoQuant analyst, who examined the Bitcoin NVT Golden Cross indicator, claimed that according to this indicator, Bitcoin may be signaling a potential local bottom around $ 69,000.
Stating that there has not been a local bottom of -1.6 points in the NVT Golden Cross indicator since the start of spot Bitcoin ETF entries in 2024, the analyst said that since February 2024, NVT Golden Cross has seen local local bottoms between 0.00 and -1.00 points. He said he did it.
Stating that the Bitcoin NVT Golden Cross indicator is currently at 0.14 points, the analyst predicts that the bottom may be close in BTC.
“Is Bitcoin NVT Golden Cross signaling a potential local bottom around $69K?
In Bitcoin NVT GC data, the red zone indicates a local top and the green zone indicates a local bottom.
However, with the recent inclusion of Spot ETFs, the situation has become a little more complicated.
While there has been no local bottom of -1.6 points in NVT GC since the increase in Spot ETF inflows in February 2024, we have witnessed local bottoms in the range of 0.00 to -1.00 points.
As of now, NVT GC is at 0.14 points. This level indicates that Bitcoin may soon see a local bottom in the $69,000-$70,000 region.
Yesterday's $886.6 million spot BTC ETF inflow also supports this. “
Bitcoin continues to trade at $70,740 at the time of writing.
*This is not investment advice.