Golden Finance reported that Bitcoin showed the 'local bottom' signal for the third time in 2024, which has attracted market attention. According to the research of the blockchain analysis platform CryptoQuant, the NVT-GC tool it uses shows a clear bullish trend. However, the market still faces the risk of a price drop in the short term because the moving average forms what is known as a 'death cross'. Nonetheless, experts say that from a long-term perspective, other market indicators suggest a possible rebound, and the local bottom signal might indicate the beginning of a price reversal. It is worth noting that after the previous two occurrences of 'local bottom' signals, Bitcoin's prices increased by 78% and 23% respectively, which provides reference for the current market dynamics. At present, according to the NVT GC index, the market is located in the area of a local bottom, although prices may still further decline, the short-term trend is gradually turning positive.