Currently, Bitcoin is on a bumpy ride as the world’s first cryptocurrency has been switching between the $19,000 and $20,000 price zones. Even last week’s price action was not as dramatic as most days when the currency was on a red candle.
At the time of publication, Bitcoin sold 2.61% over the past 24 hours after falling at $19,711. For now, the flagship currency woes may not be over anytime soon.
Although the market has changed its stance, crypto experts and strategists have given their predictions based on their analysis.
Among these analysts, Maartunn, the author of CryptoQuant, claims that the recent blockbuster trade may affect the market. This situation tends to cause prices to drop.
According to Maartunn, the move from here is Unpredictable, but certainly not bullish, he also said he is not sure if there will be a sure drop or a consolidation like the one in May.
Bitcoin price surge?
In contrast, technologist Gert van Lagen on Bitcoin’s chart A positive head-and-shoulders pattern was pointed out on the pair, which suggests that the currency is rising.
However, some market participants disagreed with this forecast. Meanwhile, some on-chain metrics support Lagen’s claims.
Regardless of price action, BTC addresses with non-zero balances have shown consistent growth over the past few months. This shows that investors have greater confidence and trust in Bitcoin along the way.
Although some indicators support A bullish outlook, but other indicators point to cooler times ahead for the world’s largest cryptocurrency. At the time of publication, Bitcoin supply, which was in the red, was on track to hit another three-month high.
Earlier this month, the bear market reversed despite a drop in volume.
Bitcoin’s The MVRV share is also significantly below 1, which usually indicates a bear market. However, the MVRV ratio recorded lower than current lows in previous months, so another decline is feasible based on historical data.
Predicting Bitcoin’s future and how it will remain reliable is challenging due to widespread opinion in the cryptocurrency world, inconsistent indicator readings, and the unpredictability of the crypto market.
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