According to Odaily, Bitcoin has signaled its third 'local bottom' in 2024, as revealed by the latest research from on-chain analysis platform CryptoQuant on August 8. The Network Value to Transactions Golden Cross (NVT-GC) tool indicates a bullish trend, suggesting that Bitcoin's price is 'over-cooled.' This week, Bitcoin faces warnings of another price drop due to the appearance of the so-called 'death cross' in moving averages. However, other market indicators are calling for a sustained rebound. One of these indicators is the NVT-GC, which CryptoQuant describes as a volatility indicator similar to Bollinger Bands. The NVT compares Bitcoin's market capitalization to the transaction value within a specific time frame, while the golden cross version compares long-term and short-term NVT values. The result provides a rough guide to local market tops and bottoms, and in 2024, three such bottom signals have already been generated.