Demand from large companies and investment funds is weakening, capital inflow into spot bitcoin ETFs has decreased by almost 25%, network activity is declining, and the volume of transfers and fees is shrinking — despite the growth in the number of active addresses, Glassnode specialists noted.
According to them, the market structure has become extremely fragile due to weak demand and an increase in investor interest in protection against falling bitcoin prices. Any recovery will be short-lived, as there are no fundamental catalysts for a rally, analysts believe.
In the near future, the price of the first cryptocurrency will remain within the range of $100,000–$116,000 with slight fluctuations, representatives of Glassnode believe. However, the potential for a recovery in the crypto market remains — similar periods were observed in 2016 and 2020, just before the start of large-scale bull rallies, experts reminded.
The current situation may lay the groundwork for future momentum in bitcoin's growth, and the asset is capable of updating its historical maximum in the long term, Glassnode specialists summarized.
Earlier, the CEO of VanEck, Jan van Eck, made an optimistic forecast for the price of bitcoin and suggested that in the near future, the first cryptocurrency could become a major competitor to gold.
