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bitcoin

Bitcoin NVT Golden Cross Suggests Price Pullback Likely To Continue – Details

Ash Tiwari
by Ash Tiwari
5 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a CryptoQuant Quicktake post published earlier today, the Network Value to Transactions (NVT) Golden Cross suggests that Bitcoin (BTC) currently holds a high market capitalization while network transaction volume remains low. This has raised concerns that BTC’s price may be inflated.

Bitcoin Overpriced At Current Value?

Over the past seven days, BTC has dropped 5.5%, trading in the low $80,000 range at the time of writing. Earlier this month, the top cryptocurrency hit a potential local bottom at around $76,000, sparking hopes of an ensuing price rally.

Related Reading: Bitcoin Slips As February Core Inflation Data Surpasses Projections – Details

However, CryptoQuant analyst BorisVest warns that BTC’s troubles may not be over yet. In a Quicktake post, the analyst remarked that based on the NVT Golden Cross, Bitcoin’s price decline could continue.

For the uninitiated, the NVT Golden Cross is calculated by dividing the market capitalization of an asset by its network transaction volume. The post reads:

A high market cap with low transaction volume suggests that Bitcoin’s price may be inflated due to speculative activity. This often leads to or indicates potential pullbacks.

BorisVest explained that the NVT metric can be used for both short- and long-term analysis. The analyst shared the following chart, recommending that investors wait until the indicator moves into the green zone before making any buying decisions.

cryptoquant
Source: CryptoQuant

Once the NVT indicator enters green territory, it would suggest that BTC’s market capitalization is low, while network transaction volume is rising – a scenario that presents a strong buying opportunity for investors and traders.

That said, the current position of the NVT indicator suggests that BTC’s price pullback is likely to continue. Additionally, the analysis suggests that Bitcoin’s recent price surge may have been driven by market manipulation.

For BTC’s price to maintain its upward momentum in the long run, network transaction volume must increase sustainably. Meanwhile, fellow crypto analyst Ali Martinez has a different perspective on Bitcoin’s near-term price action.

BTC Traders Unlikely To Sell At Existing Prices

In an X post today, Martinez noted that BTC traders are currently sitting on an average unrealized loss of 14.57%. This could discourage them from selling at current prices and locking in a loss.

ali
Source: ali_charts on X

Several macroeconomic indicators suggest a potential trend reversal for BTC in the coming weeks or months. For instance, crypto analyst Master of Crypto recently highlighted that BTC could be on the verge of a bullish reversal, with the M2 money supply expected to increase.

Related Reading: Bitcoin Reversal Soon? Polymarket Shows 100% Odds Of Fed Ending QT Before May

Additionally, technical indicators also hint at a price rally. A noted crypto trader recently pointed out that BTC is following the bullish ‘megaphone pattern’. At press time, BTC trades at $83,444, up 0.8% in the last 24 hours.

bitcoin
BTC trades at $83,444 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, charts from CryptoQuant, X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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