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.
Bitcoin “deep into oversold territory”
Advanced NVT uses Bitcoin’s market capitalizatio 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 matures over time.