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Bitcoin price metric demands 'strong reaction' as $56K BTC starts to look 'seriously cheap'
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Bitcoin (BTC) is “seriously cheap” at $56,000 relative to network activity — and that means only one thing, one analyst says.
In a tweet on Nov. 24, Philip Swift, creator of analytics platform LookIntoBitcoin, highlighted a bull flag on Bitcoin’s Advanced NVT Signal.
Advanced NVT uses Bitcoin’s market cap and network volume to determine the extent to which BTC is overbought or oversold at a certain price point.
As Swift explains in an introduction to the metric, it builds on the original NVT, accounting for changes in investor habits as Bitcoin has matured over time.
Advanced NVT is thus the total Bitcoin market cap divided by the 90-day moving average of network transaction volume. Currently, it is “deep into oversold territory,” and when
Read more on cointelegraph.comAbout this in other media
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