With the cryptocurrency industry finally surpassing $1 trillion in market capitalization, its assets appear to be making positive albeit reluctant progress, including its largest representative – Bitcoin (BTC) – with some experts predicting a bright near future.
Regarding the NVT signal, “there is a big move for BTC coming” and “we will see a big green light very soon,” given that “the price of BTC has gone up by 450% on average over the past three years,” Alias cryptanalyst. mustache explained On October 31.
Introduced and promoted by crypto experts Chris Burniski and Willie Wu, the Network Value to Transaction (NVT) ratio describes the relationship between market capitalization and transfer volumes.
The NVT Signal (NVTS) is a modified version of the NVT Ratio, which uses a 90-day moving average (MA) of daily transfer volume in the denominator rather than the raw daily transfer volume.
Other bullish indicators
earlier, mustache published Wyckoff’s method analyzed with a chart that he interpreted as Bitcoin moving towards $30,000 in 2023, because “he has rarely seen a pattern so accurate in nearly 1.5 years.”
Meanwhile, a famous cryptocurrency trading expert plan B He hinted that a big move in November or “Moonvember” could be a hoard of the largest decentralized financial (DeFi) asset, which he outlined on the BTC stake in the earnings chart published On October 30.
It is also worth noting that the largest bitcoin or “whale” traders remain in the “hodl” mode, as the supply of the token has declined slightly between one and three months until recently, said Dan Lim, an analyst at CryptoQuant, He said on October 30.
As the analyst explained:
“While there hasn’t been a strong move yet like the start of a bull market, if investors respond to a DCA or a case-by-case split buy, there is a good chance that it will eventually show good results.”
Bitcoin price analysis
Meanwhile, Bitcoin is currently trading at $20,739.60, which is a 0.27% increase, plus 6.86% from the previous week, adding to the 7.71% monthly increase.
At press time, the market capitalization of the largest cryptocurrency according to this indicator is $398.08 billion, data retrieved on October 31 shows.
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Trade experts predict after a “big move” and a “moonlight” for Bitcoin; This is what we know first appeared on Coinphony.