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Bitcoin (BTC) may have hit a local bottom, according to Cryptoquant's Burak Kesmeci, citing the Advanced NVT metric. Key points:
- The Advanced NVT signal has appeared for the first time in 6 months, historically indicating significant price gains.
- However, other indicators suggest BTC may drop further before reversing, with a potential target of $92,480.
- The Bitmex basis ratio has remained negative, indicating market backwardation and near-term bearish expectations.
- Large holders are transferring more BTC onto exchanges, potentially preceding selling activity and downward price pressure.
- The NVT ratio with transactions has surged to extreme levels, reflecting reduced on-chain activity and potential overvaluation concerns.
If a local bottom is realized, BTC may reclaim $96,000 in the short term and attempt $98,700. 3 replies
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