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Bitcoin network activity decline suggests longer bear market: Glassnode

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Glassnode’s latest report explains that the recent price pump may be short-lived if network demand continues to be sustained only by long-term holders and those with high conviction about the tech.

Glassnode wrote that a decline in network activity can be interpreted as a lack of new demand for the network from speculative traders over long-term holders and investors who have a high level of conviction in the network’s technology. The report states:

The analysis observed similarities between the current network demand pattern and the one established in the 2018-2019 period. Similar to the previous cycle, network demand dried up after the April 2021 all-time high in BTC price. There was a notable recovery in demand leading up to the following November as prices recovered to a new ATH.

 

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Bitcoin 🔻🔻🔻🔻🔻

I usually check all info on BFX but still can't predict the future price

This is good for the bigger picture

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