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    Home ยป Possible Lack of New Investors May Be the Reason for Weak Bitcoin Demand
    Bitcoin

    Possible Lack of New Investors May Be the Reason for Weak Bitcoin Demand

    By adminJun. 22, 2024No Comments2 Mins Read
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    Possible Lack of New Investors May Be the Reason for Weak Bitcoin Demand
    Possible Lack of New Investors May Be the Reason for Weak Bitcoin Demand
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    OnChain analyst Axel Adler stated that Bitcoin (BTC) has not yet reached its peak demand level, primarily due to weaker interest from new investors compared to the previous bull market period.

    The expert suggests that new investors may enter the market at a later stage, a viewpoint supported by the metric “Bitcoin’s old and new supply ratio.”

    Current data indicates that BTC is still far from high-demand zones, implying potential price increases in the medium and long term.

    When writing this article, Bitcoin is trading at $64,319, marking a decline of nearly 3% in the last week. Active addresses of existing users have increased by 6% over the past week.

    Read more:

    How exchange-traded funds manipulate Bitcoin prices

    Conversely, new addresses representing first-time transactions showed minimal change, reflecting Adler’s observation of weak activity from new investors, which could negatively impact future price trends.

    The analysis of the “Mean Coin Average” (MCA) indicator shows the average age (time since their last transfer) of all coins based on the average purchase price. When the indicator rises, it means old coins are moving into new wallets, often indicating long-term holders selling. However, when MCA declines, it means coin holders are not willing to sell. At the time of the article, Bitcoin’s 90-day MCA is still continuing its upward trend since June 1st. If this trend doesn’t change, the price of the leading cryptocurrency may decrease, making the $61,000 forecast a reality.

    From a technical perspective, the Relative Strength Index (RSI) on the 4-hour chart shows that Bitcoin’s market momentum is bearish and approaching oversold territory.

    In summary, while Bitcoin’s demand remains weak in the short term, potential indicators such as active addresses and MCA provide insights into possible future price movements, depending on market dynamics and investor sentiment.

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