Bitcoin (BTC) is delivering striking similarities to its last bear market, but the recent bottom may be its last, research says.
In a tweet on Oct. 31, popular trading account Stockmoney Lizards furthered the bull case for BTC/USD.
Bitcoin “repeats itself” in 2022
The past few days have seen talk of Bitcoin encountering a “double top,” with two spikes over $21,000.
“Bitcoin repeats itself,” they summarized alongside a comparative BTC/USD chart.
Should that turn out to be true, upside is the logical next step and Bitcoin should avoid a further capitulation event.
NVT Signal takes bets on “big green candle”
Related: BTC price sees ‘double top’ before FOMC — 5 things to know in Bitcoin this week
A derivative of the network-value-to-transactions (NVT) ratio, the NVT Signal is about to repeat behavior that has sparked considerable BTC price appreciation in years past.
“NVT-Signal predicts that a big move for $BTC is coming,” the trader explained alongside a chart.
“When NVT signal crosses NVT ratio and the NVT signal was before, the price of $BTC has increased ~450% on average in the last 3 years. I expect that we will see a big green candle very soon.”
The NVT has not always led to successful interpretations. At the end of 2021, a separate iteration flashed “oversold” despite BTC/USD going on to spend a year losing, not gaining, in U.S. dollar terms.
Source: https://cointelegraph.com/news/bitcoin-double-bottom-excites-bulls-as-nvt-signal-predicts-major-move