A familiar face among on-chain metics is back and hinting it may soon be time for a Bitcoin price reversal.
) has just reentered a key price zone, which has signaled the beginning of the end for bear phases, data confirms.Bitcoin’s network value to transaction ratio metric as it delivered a new and rare “oversold” signal.Bitcoin price losses accelerated over the weekend, with the market not far off a retest of the seminal $30,000 mark prior to Monday’s Wall Street open.
Edwards subsequently tweaked the metric by adding standard deviation bands to account for natural changes in on-chain behavior as Bitcoin matures. The result was the so-called “dynamic range NVT,” and it is this incarnation that returned to its green zone this week “Valuing the Bitcoin network based on transaction value throughput suggests we have entered the value zone,” Edwards commented on Twitter alongside a print of NVT’s latest movements.“People have short memories”
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