ChainCatcher news, according to Cointelegraph, Bitcoin has issued its third "local bottom" signal in 2024. The latest research released by the on-chain analysis platform CryptoQuant on August 8 shows that the Network Value to Transactions Golden Cross (NVT-GC) tool indicates a bullish trend. Bitcoin's price is "overcooled."This week, Bitcoin faces warnings of another price drop as the moving averages have formed what is known as a "death cross." However, other market indicators call for a continued rebound. One of these is the NVT-GC, which CryptoQuant describes as a volatility indicator similar to Bollinger Bands. NVT compares Bitcoin's market capitalization to the transaction value over a specific time frame, while the golden cross version compares the long-term and short-term NVT values. The result is a rough guide to local market tops and bottoms, and in 2024, three such bottom signals have already been generated.