Experts predict the fall of bitcoin in the near future

The analysis of the main cryptocurrency’s on-chain metrics raises the main question about the further movement of the BTC. According to experts, the value of the token can either rise to $ 64,500 or fall to $ 49,500.

NUPL’s online metric, which tracks the general mood of investors and their level of profit and loss, currently shows a value of 0.45. This means that when selling coins at current prices, investors will earn an average of 44% profit relative to their last purchase price.

According to CryptoQuant, the current value of the metric also indicates that bitcoin holders are in doubt. They are not sure whether to sell their assets right now. However, many long-term bitcoin holders continue to hold on to their cryptocurrency.

At the time of writing, BTC is trading at $ 57,966. According to analysts, the digital asset has not demonstrated any pronounced dynamics in its value over the past few days.

The founder and CEO of Quantum Economics, Mati Greenspan, is pessimistic. In his opinion, it is too early to talk about new highs for bitcoin. «The price of BTC has not changed for more than six months and it is unclear when it will start growing. Such stability can help in the recognition of BTC, as price predictability is important for its growth and reliability,» the expert said.

Under favorable macroeconomic conditions, demand for bitcoin may increase. Then its price will have a chance to reach the support level of $ 64,520. If it successfully overcomes this milestone, BTC will be able to go up to $ 68,599.