The Bitcoin Advanced NVT Signal price indicator has entered the "oversold zone" for the 7th time in 8 years.

Advanced NVT has hinted that Bitcoin is "very cheap" but has now announced a rare buy.

The Bitcoin price indicator that made BTC "look so cheap" at $ 56,000 is now rarely seen in oversold territory.

In a December 6 tweet, Philip Swift, founder of the LookIntoBitcoin analytics platform, reconsidered the bullish signal that Bitcoin's Advanced NVT signal could transmit.

Advanced NVT Falls As Bitcoin Prices Crash

Advanced NVT uses market capitalization and network volume to calculate whether Bitcoin is overbought or oversold at a given price.

When BTC / USD fell to $ 56,000 in late November, Swift believed Bitcoin would rebound.

The indicator continued to decline along with selling prices after a strong rally last Friday. One advantage, however, is the return of the "oversold" replica of NVT. This has only happened for a period since 2015.

“The current market is full of fears and we are bullish. There are a lot of indicators that we are going down,” he said.

“Advanced NVT signal research costs are associated with an industry downturn. I've only experienced such oversold a few times before, and each time there has been a strong rally. "

Bitcoin Advanced NVT Signal Annotation Graph Source: Philip Swift / Twitter

However, the strength of this reversal will be small and Bitcoin rose 6% overnight on Bitstamp and then rebounded after hitting $ 51,500.

Traders have told BTC customers to "wait a week to avoid being stolen."

According to the press release, US $ 51,000 has become a major source of market attention and analysts suggest a further slowdown is imminent.

Trader and analyst Pentoshi told Twitter fans to "buy the medium variety over $ 40,000. Don't get stuck."

You can see the short market price of Bitcoin has climbed back up to $ 52,000, but I think if you wait a few days / weeks you can avoid getting robbed. Buy it for between $ 40,000. Do not block. There is no other reason here. Wait for the new update to arrive.

—— Pentoshi (@ Pentosh1) 6 novembre 2021

At the same time, as Cointelegraph reported on Monday, there are many reasons to distinguish between Bitcoin where the price movement is due to its potential potential.

That includes data such as strength and under-sales, with fewer holdings taking their place over the past week.

As the car swap data reports, it seems only whales are defending their bets.