Despite pessimistic price movements, the growing number of addresses with non-zero balances indicates increased investor trust in BTC. SOL would soon drop to USD 25 in an accumulation phase, while traders might find a place to acquire AVAX sooner.
Bitcoin (BTC) has undergone many difficulties as it moves between USD 19,000 and 20,000. Its price action over the last week was insignificant as when it was on a red candlestick.
Bitcoin is trading at around USD 19,944 and has accumulated a 1.5% loss over the last 24 hours. While its daily trading volume is above USD 25.74 billion, its market capitalization is about USF 381.69 billion, according to CoinGecko.
The hard days of the pioneering currency may not end soon, although the market has reversed its position. However, crypto experts and strategists have provided predictions based on its analysis.
According to CryptoQuant author Maartunn, recent large transactions may have affected the market, leading prices to fall.
Although Maartunn considers the move unpredictable, he believes it will not become a bullish run. He also says he is unsure whether there will be a drop or a consolidation like in May.
The Price of Bitcoin Might Go Up this Month
Contrary to Maartunn, technical expert Gert van Lagen points to a positive head-and-shoulders pattern on the Bitcoin chart, suggesting a bullish move.
Although some market participants did not support that forecast, some on-chain metrics did.
Despite pessimistic price movements, the number of BTC addresses with non-zero balances has grown steadily, indicating increased investor trust in Bitcoin.
Some metrics have supported the idea of an early bullish market, but others have suggested better times for Bitcoin. The losing position of the Bitcoin supply was recently on track to hit its three-month high once more.
However, the number of coins dropped as the bearish market changed earlier this month.
The Market-Value-to-Realized-Value (MVRV) share for Bitcoin was also significantly below 1, indicating a bearish market. Since the report had posted lower lows in the first few months than the current situation, historical data suggest another drop might occur.
Making reliable predictions about how Bitcoin will hold up is difficult due to the wide range of views. In addition, inconsistent metric readings and the unpredictable nature of the crypto market pose obstacles.
Meanwhile, the Price of SOL and AVAX Might Drop
Altcoin Sherpa, an anonymous strategist, recently told his Twitter followers that Solana (SOL) would soon drop to USD 25.
He said the altcoin would reach lows again if this occurred in an accumulation phase. However, he added that its price would hit bottoms even if it were just bearish momentum.
Solana is trading at around USD 31.43 and has accumulated a 3.5% loss over the last 24 hours. While its daily trading volume is above USD 679.99 million, its market capitalization is about USD 10.99 billion, according to CoinGecko.
The Price of AVAX Might Also Drop this Month
The anonymous analysts also predicted the price of Avalanche (AVAX) might drop by around USD 14.
He believes traders would find a place to buy the altcoin within a shorter period.
Avalanche is trading at around USD 19.21 and has accumulated a 3.0% loss over the last 24 hours. While its daily trading volume is above USD 298.81 million, its market capitalization is about USD 5.64 billion, according to CoinGecko.
By Alexander Salazar
