Big Bitcoin (BTC) Move Brewing As On-Chain Signals Flash Green: InvestAnswers
A widely followed crypto analyst says technical indicators suggest Bitcoin (BTC) is poised to make a big move to the upside.
In a new strategy session, the host of YouTube channel InvestAnswers tells his 444,000 subscribers that Bitcoin’s Historical Volatility Index (BVOL) indicates that the top digital coin could soon break out of its current range.
BVOL measures the historical volatility levels of the largest cryptocurrency by market capitalization against the US dollar. A large increase in volatility often follows when the value of BVOL falls below 25.
“I want you to train your eyes on the BVOL correlation when it’s below that 25 level, and that’s the best potential upside indicator we’ve seen in a long time. Usually, when we’re down in this little green circle zone for BVOL , that means the Bitcoin price — it’s pumped. It’s only been here four times in the last five or six years, and we’ll see where this goes.”
The analyst says the on-chain Net Unrealized Profit/Loss (NUPL) indicator, which shows whether the market is in a state of profit or loss, is flashing bullish signals.
“Any value above zero indicates that the network is in a state of net profit, while values below zero indicate the state of net loss, and right now we are very close to the state of net loss, and that basically means that there is a bottom . Historically, when this new bull turns red, it’s a good time to get in.”
At the time of writing, Bitcoin is trading at $19,135.
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Featured image: Shutterstock/NESPIX/Konstantin Faraktinov
