New York, New York – As Bitcoin’s price continues to exhibit trends that mirror historical patterns, experts are predicting a potential decline that could last for one to two months. The recent fall in active addresses has raised concerns about the demand for BTC moving forward.
One of the key indicators pointing towards a prolonged downturn in Bitcoin’s price is the Delta Gradient. This metric measures the relative change in momentum against the true organic capital of the cryptocurrency. A negative reading of -2.34 suggests that the price of Bitcoin may continue to experience a downtrend for the next month or two.
Market analysts are closely monitoring the Delta Gradient to gauge the future movement of Bitcoin’s price, which currently stands at $61,062, reflecting a 4.96% decrease in the last week. If the Delta Gradient continues to decline, there’s a possibility that Bitcoin’s price could drop below $60,000 like it did recently.
Another important metric to consider is the Network Realized Profit/Loss, which indicates the value of transactions that have realized a profit or loss in recent times. With a negative reading of -1.92 million, it suggests that a significant portion of transactions on-chain have resulted in losses. This, coupled with the decrease in 24-hour Active Addresses to 694,000, points towards a potential decline in demand for Bitcoin.
While some experts believe that the correction in Bitcoin’s price may soon come to an end, others warn that the decreased activity on the network could lead to further price drops. Analysts like Michael van de Poppe are optimistic about Bitcoin’s future, highlighting a positive weekly candle that could signify the end of the correction.
Overall, the data and metrics surrounding Bitcoin’s price and network activity paint a mixed picture, with some indicators pointing towards a prolonged decline while others suggest a potential reversal in the near future. Investors and analysts alike are keeping a close eye on these metrics to make informed decisions about the future of Bitcoin.
