Key points:
Bitcoin enjoys another golden cross, this time from the NVT indicator.
Previous crosses have all preceded major periods of BTC price upside.
Price targets include new all-time highs within a matter of weeks.
Bitcoin (BTC) remains in a “healthy uptrend” with new all-time highs expected within weeks.
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.
“Short Term: With the metric not elevated, Bitcoin is not yet in bubble territory. There is still room for price expansion.”
NVT-GC has an impressive recent track record. Its previous four dips into the “long” zone all resulted in BTC price gains, including in August 2024.
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.
Related: Bitcoin repeats May breakout move as analysis expects $118K showdown
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.
STH MVRV Z-Scores (155D & 365D) are hovering near zero – the market is neither overheated nor oversold, essentially balanced.
BTC price sits just above STH Realized Price, setting the stage for 1–2 weeks of consolidation with a potential push to ATH.
Uptober incoming 🌊 pic.twitter.com/hFaycSGxRy
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) September 18, 2025
Ay was cautious, seeing a potential $150,000 target as Q4 enters.
“Overall, Bitcoin is not in a high-risk zone,” she concluded.
“Historical patterns suggest the price could climb toward the $120,000–$150,000 range in the coming months.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
