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Bitcoin price metric demands ‘strong reaction’ as $56K BTC starts to look ‘seriously cheap’ -Breaking

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© Reuters.

(BTC) is “seriously cheap” at $56,000 relative to network activity — and that means only one thing, one analyst says.

A Tweet on Nov. 24, Philip Swift, creator of analytics platform LookIntoBitcoin, highlighted a bull flag on Bitcoin’s Advanced NVT Signal.

Bitcoin Advanced NVT Sign chart. Source: Philip Swift/Twitter
Chart showing the proportion of Bitcoin short-term holders. Glassnode