The largest blockchain analyst shared gloomy forecasts regarding BTC
In their opinion, we are at the start of a bear market
Most of the coins are in accounts with short-term holders, who in a panic sell their coins cheap
Yesterday, Glassnode analysts released their traditional weekly forecast. It follows that bitcoin is getting more and more bearish metrics. The researchers pointed to a general decline in the markets, as well as an extremely tense geopolitical situation. The Canadian crisis is also making its contribution.
What metrics indicate a bearish trend
One of the most obvious signals of a downtrend is the lack of activity in the network. Now it is practically frozen. Glassnode shows this in the active address graph.
Data: Glassnode2633308985
Players have no demand and interest in the main cryptocurrency. And the metric itself is in a position that indicates either a sideways or downtrend in the market. wallets. The outflow of network members began. At the same time, on average, the selling price shows a loss of 22%.
“The longer the owners are in unrealized losses, the more likely they are to sell their coins.”
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Analysts also made a number of other measurements on short-term and long-term positions in on-chain. And they came to the conclusion that now more than half of the wallets (54,5%) are in the hands of short-term holders. According to statistics, they are more likely to spend their assets.
By the way, the co-founder of Huobi also predicts that a bear market is ahead of us. Moreover, it will last until the next halving.
