Key points:
- Bitcoin has formed another golden cross, this time on the NVT indicator.
- Historically, previous crosses have signaled major periods of BTC price gains.
- Current price targets point to new all-time highs within the next few weeks.
Bitcoin remains in a “healthy uptrend,” with analysts expecting new all-time highs within weeks.
According to the latest research from onchain analytics platform CryptoQuant, BTC price action still has room for “expansion” toward $117,000.
A key driver could be gains from the latest NVT golden cross. The network value to transaction golden cross (NVT-GC) — which measures market cap against the value of onchain transactions over time — shows Bitcoin is far from overheated.
Currently, the indicator sits in “neutral” territory. Historically, negative NVT-GC values below -1.6 have preceded strong periods of upside, while readings above 2.2 often signal a bearish reversal.
In July, the NVT-GC hit -2.8 before recovering to 0.3.
“This indicates neither extreme overvaluation nor undervaluation, but rather a healthy uptrend,” CryptoQuant contributor Pelin Ay explained in a Quicktake blog post this week.
“Short Term: With the metric not elevated, Bitcoin is not yet in bubble territory. There is still room for price expansion.”
The NVT-GC indicator has built a strong track record recently, with its last four dips into the “long” zone all followed by BTC price gains — including in August 2024.
BTC price eyes “potential push” to new highs
The metric adds to mounting evidence that the Bitcoin bull market still has room to run. In July, the moving average convergence/divergence (MACD) flashed a “buy” signal, while analysts noted it was not yet time for a blow-off top.
In his latest post on X, CryptoQuant contributor Axel Adler Jr. suggested that Bitcoin could return to price discovery as soon as October.
“BTC price sits just above the STH Realized Price, setting the stage for 1–2 weeks of consolidation with a potential push to all-time highs,” he wrote, referencing the average cost basis of wallets holding coins for up to six months.
Ay was cautious, seeing a potential $150,000 target as Q4 enters.
“Overall, Bitcoin is not in a high-risk zone,” she concluded.
“Historical patterns suggest the price could climb toward the $120,000–$150,000 range in the coming months.”
