Currently, Bitcoin is on a bumpy ride as the world’s first cryptocurrency has been switching between $19,000 and $20,000 price area. Even the last week’s price action wasn’t as eye-catching as most of the days the currency was on a red candle.
At the time of publication, bitcoin is selling at $19,711 after a 2.61% drop over the past 24 hours. At present, the days of major currency crisis may not be over anytime soon.
Though the market has reversed its stance, crypto experts and strategists have given their predictions based on their analysis.
Among such analysts, Martun, author of Cryptoquant, claims that the recent large transaction may have affected the market. Such a situation often leads to a fall in prices.
As per Maartunn the movement from here is unpredictable but certainly not a bullish run and he also says that he is not sure if there will be a guaranteed downfall or just consolidation like May.
Bitcoin price to rise?
Conversely, a technical expert, Gert van Legen, points to a positive head and shoulders pattern on the chart of bitcoin which suggests an upward movement for the currency.
However, a few of the market participants were not in favor of this prediction. Meanwhile, a few on-chain metrics support Lagen’s statement.
Despite negative price movements, BTC addresses with non-zero balances have shown steady growth over the past few months. This suggests greater investor confidence and trust in bitcoin in the process.
While some metrics supported the prospect of a bull market soon, others suggested cooler times ahead for the biggest cryptocurrency in the world. At the time of publication, the supply of Bitcoin in the losing position was on track to once again reach its three-month high.
Although the numbers declined earlier this month, the figures reversed with the bear market.
The MVRV share for Bitcoin was also significantly lower than 1, which typically denotes a bear market. The MVRV ratio, however, recorded lower lows than the present situation in the earlier few months, so looking at the historical data, yet another drop in value is viable.
It is challenging to make reliable predictions about the future days of bitcoin and how it will happen due to widespread opinion within the cryptocurrency world, inconsistent metric readings, and the unpredictable nature of the crypto market.
