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CryptoQuant analyst: BTC shows 'local bottom' signal for the third time this year
BTC showed a 'local bottom' signal for the third time in 2024. According to the on-chain analysis platform
CryptoQuant's latest research shows a bullish trend in network value and trading golden cross (NVT-GC) tool. This week, BTC/USD faces the risk of another drop as the Moving Averages form the so-called 'death cross'. However, the long-term market outlook remains unclear, and other market indicators suggest that the rebound may continue.
The two previous bottom signals appeared on January 18 and July 12, respectively, and then the BTC price pumped by 78% and 23% respectively. Currently, according to NVT GC, we are in a local bottom area. Although the price may further test lower, the short-term trend is expected to turn positive in this area #BTC