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Sep 19, 2025Bitcoin can easily return to price “expansion” based on data from the NVT leading indicator, new BTC price research from CryptoQuant concluded.
The latest research from onchain analytics platform CryptoQuant says that BTC price action has room for “expansion” at $117,000.
Bitcoin awaits gains from new NVT golden cross
Bitcoin is still far from overheated, according to a classic leading indicator that predicts local BTC price tops and bottoms.
The network value to transaction golden cross (NVT-GC) tool, which compares market cap to the value of onchain transactions within a given time frame, currently sits in “neutral” territory.
Negative NVT-GC values, especially those under -1.6 on its scale, typically precede periods of price upside. Once the metric passes 2.2, a bearish reversal becomes more likely.
The most recent long signal came in July, when NVT-GC reached -2.8. It then rebounded to 0.3.
“This indicates neither extreme overvaluation nor undervaluation, but rather a healthy uptrend,” CryptoQuant contributor Pelin Ay summarized in one of its Quicktake blog posts this week.
BTC price due “potential push” to all-time high
The metric adds to the telltale signs that the Bitcoin bull market is not yet over.
As Cointelegraph reported, July also sparked a “buy” signal on moving average convergence/divergence (MACD), while analysis argued that it was not yet time for a blow-off top.
In his latest X content, fellow CryptoQuant contributor Axel Adler Jr. suggested that BTC price discovery could return by October.
“BTC price sits just above STH Realized Price, setting the stage for 1–2 weeks of consolidation with a potential push to ATH,” he wrote, referring to the aggregate cost basis of Bitcoin wallets hodling coins for up to six months.
Sources >> Bitcoin price $150K target comes as analyst sees weeks to all-time highs