After the cryptocurrency industry finally broke above the $1 trillion level in market worth, its assets seem to be making positive albeit reluctant advances, including its largest representative – Bitcoin (BTC) – for which some experts predict a bright near-future.
Taking into account the NVT Signal, “a big move for BTC is coming” and “we will see a big green candle very soon,” considering that the “price of BTC has increased ~450% on average in the last 3 years,” the pseudonymous crypto analyst Moustache explained on October 31.
Introduced and popularized by crypto experts Chris Burniske and Willy Woo, Network Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volumes.
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 instead of the raw daily transfer volume.
Other bullish indicators
Earlier, Moustache posted The Wyckoff Method analysis with a chart that he interpreted as Bitcoin moving towards $30,000 in 2023, as he has “rarely seen a pattern that is so accurate for almost 1.5 years.”
At the same time, the renowned pseudonymous crypto trading expert PlanB hinted that a major move in November or ‘Moonvember’ could be in store for the largest decentralized finance (DeFi) asset, as he illustrated on the percentage of BTC in profit chart posted on October 30.
It is also worth mentioning that the largest traders of Bitcoin or ‘whales’ remain in the ‘hodl’ mode, as the supply of the token between one month and three months has been slightly declining until recently, as Dan Lim, an analyst at CryptoQuant, said on October 30.
As the analyst explained:
“Although there is not yet a strong movement as strong as the beginning of the bull market, if investors respond with DCA or split purchases according to each situation, there is a high possibility that good results will come out in the end.”
Bitcoin price analysis
Meanwhile, Bitcoin is currently trading at $20,739.60, which represents an increase of 0.27%, as well as 6.86% across the previous week, adding up to the monthly advance of 7.71%
At press time, the market cap of the largest cryptocurrency by this indicator stood at $398.08 billion, as data retrieved on October 31 demonstrates.
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