Analysts: Bitcoin has shown a "local bottom" signal for the third time this year.

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Bitcoin is signaling a "local bottom" for the third time in 2024. According to the latest research from on-chain analytics platform CryptoQuant, the Network Value-to-Transaction Golden Cross (NVT-GC) tool shows a bullish trend. This week, BTC/USD is at risk of another drop as the moving averages form a so-called "death cross". However, the long-term market outlook is unclear, and other market indicators suggest that the rebound may continue. The previous two bottom signals appeared on January 18 and July 12, and BTC prices subsequently rose by 78% and 23%, respectively. Currently, according to NVT GC, we are in the local bottom area. Although prices may fall further, the short-term trend is expected to turn positive in this area.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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