In the realm of cryptocurrency, Bitcoin's NVT (Network Value to Transactions) golden cross number has dipped to -2.37. Historically, when this figure falls below 2, it has typically signaled a positive trajectory for Bitcoin's price. This pattern has been observed in 6 out of 7 previous instances, frequently indicating a potential rally for Bitcoin's price within the subsequent 2-3 months.
However, it's crucial to note an exception on April 29, 2021. Despite the NVT golden cross being less than 2, Bitcoin's price unexpectedly dropped from $55,000 to $33,000. This serves as a reminder of the inherent volatility and unpredictability in the cryptocurrency market.
Despite this, the current market sentiment remains optimistic. A potential wick to $45k is on the horizon, and if this materializes, it could trigger substantial buying activity. The key level to watch is $51k, and whether it manages to hold will be a significant indicator. As always, investors are advised to stay informed and make decisions based on comprehensive market analysis.