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Bitcoin indicator "oversold" for the seventh time in eight years



The Advanced NVT has already indicated that Bitcoin is "very cheap". But now it shows a clear buy signal.


A Bitcoin ( BTC ) indicator is now in the oversold territory, which it rarely does. At $ 56,000, it signaled that BTC "looks really cheap".


In a tweet on December 6th, Philip Swift of the LookIntoBitcoin analytics platform identified possible bullish signals based on Bitcoin's Advanced NVT Signal.


Advanced NVT is decreasing in the wake of the Bitcoin decline

The Advanced NVT calculates whether Bitcoin is overbought or oversold at a certain level. To do this, he uses the market capitalization and the network volume.


In late November, when the BTC / USD pair had already dropped to $ 56,000 , Swift said a rebound was due.


As a result, this indicator continued to fall, just like the spot price. What is possibly positive, however, are the signals from the NVT, which are pointing to "oversold". This has only happened six times since 2015.


"Right now there is a lot of fear in the market, which makes me bullish. A lot of indicators signal that we are nearing a bottom," he said.



"The Advanced NVT Signal looks at price in relation to on-chain transactions. It was in oversold only a few times before. Every time that was the case, there was a strong rebound."

Such a recovery could be a little weaker, however, as Bitcoin rebounded 6 percent to $ 51,500 overnight.


Traders to BTC buyers: Better to wait a week

At press time, the price was hovering around $ 51,000. However, a decline is expected soon.


In this context, will  Bitcoin fall into a range? Analyst considers $ 53,000 to be an important level


"Better to buy at a low of around 45,000 US dollars. Don't fall into a trap," as the trader and analyst Pentoshi advised his Twitter followers.


How Cointelegraph on Monday reported , there is not to lump together a number of reasons, the price performance and the strength of Bitcoin.


The hashrate, for example, is at an all-time high and there aren't too many sales. Smaller Hodlers even continued to buy for the past week.


Only the whales are not taking any risks, as data on stock market flows show . 

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