Glassnode analysts claim that the price of bitcoin will decline in the near future. There are several factors that led to this conclusion.
Currently, the price of bitcoin has fallen to a low on February 3, 2022. The cryptocurrency costs $36,000. Altcoins have fallen in price after it. According to Glassnode, this is a consequence of the decline in interest in the cryptocurrency last week.
The report says that over the past month, the balance of 220,000 bitcoin wallets has been brought to zero. The owners of the cryptocurrency sold it or moved it to exchanges. This is a bearish sign.
For example, in November, when the price of bitcoin was above $60,000, the popularity of the cryptocurrency led to a sharp increase in interest. The number of accounts with a non-zero balance was at the level of 39 million.
Also, over the past couple of weeks, many new investors have appeared on the market, who have purchased BTC at a price of 33.5 to 44.6 thousand dollars. Now among investors in bitcoins 10.9% of such people. They can be the first to sell their investments if the price of the cryptocurrency falls.
The reason is that among short-term holders of bitcoin (up to 155 days), only 65.78 – 76.7 percent make a profit. The rest suffer losses. Therefore, they are more susceptible to panic in the market. At the same time, more than half of bitcoins (54.5%) belong to short-term investors. And this, according to Glassnode experts, is a warning sign.