Bitcoin Bears Could Be Out as Metrics Point to Market Bottom

26. August 2023 Aus Von admin

• TrueUSD’s market cap is on the rise, which could be followed by hikes in BTC’s price.
• Metrics point to a possible market bottom.
• Whales have started accumulating, indicating that they expect BTC’s price to surge in the coming days.

Bitcoin May Exit Bear Market Soon

TrueUSD’s market cap has been rising, and this historically was followed by hikes in Bitcoin’s [BTC] price. Metrics also pointed at a possible market bottom, with Bitcoin’s NVT Signal reaching a one-month low on 25 August and whales starting to accumulate coins.

NVT Signal Suggests Possible Market Bottom

Glassnode’s data revealed that Bitcoin’s NVT Signal just reached a 1-month low of 1,292.206. A low NVT signal indicates that investors were pricing Bitcoin at a discount, suggesting a possible market bottom.

Metrics Point To Price Uptick

Popular crypto influencer Tedtalksmarco posted a tweet highlighting an interesting development – TrueUSD’s [TUSD] market capitalization has been increasing of late while other stablecoins‘ market caps remained relatively flat. Historically, whenever TUSD’s market cap has risen, BTC’s price has followed suit.

Whales Accumulating Coins

In addition to the metrics pointing to an uptrend in the near future, whales have already started accumulating coins as well; this is another sign that they are expecting the coin’s price to surge in coming days.