Important statistic points to Bitcoin price recovery soon

Bitcoin has just entered another major price zone. Which usually means the end of the 'bear phase', data confirms. The Dynamic range (NA) is returning to levels seen only twice in two years, namely during the corona crash in March 2020 and last year when the Chinese mining sector was shut down. In a tweet on Jan. 24, Charles Edwards, founder of crypto investment firm Capriole, showed the "network value to transaction" as it sends out a rare "oversold" signal. The Bitcoin price just keeps crashing. Also today. The BTC rate is now not far from the psychological $30,000 barrier. If this is broken, it can become very painful for crypto investors. By the way, it is not only the crypto market that is suffering huge losses. The stock market is also turning dark red today. The AEX index has already fallen almost 3% today and the NASDAQ also seems ready for a huge loss today. Still, there are plenty of reasons for on-chain analysts to believe the magnitude of the losses is more of a market overreaction than a taste of things to come. That statement is supported by NVT, which calculates how oversold Bitcoin really is. First developed by statistician Willy Woo and entrepreneur Dmitry Kalichkin, the NVT uses the ratio between Bitcoin's market cap and daily transaction value to get an idea of ​​whether price behavior really corresponds to on-chain activity. Edwards then adjusted the statistic by adding standard deviation bands to account for natural changes in behavior in the chain as Bitcoin matures. The result was it so-called “dynamic range N/A”, and it is this metric that returned to its green zone this week. In the past two years, this statistic has only turned green in the summer of 2021, the period of China's mining, and during the coronavirus crash of March 2020. So now it is again. Right now i am bullish on a few projects like: Rise up, Yunometa and Spores. Im very glad I've found them. DYOR!