Bitcoin price prediction – Is $61,000 BTC’s next target on the charts?
What is Bitcoin's current price and recent percentage drop?
Bitcoin's current price is around $64,281.57 and it has experienced a recent drop of approximately 6% over the past 24 hours.
What does the Mean Coin Age indicate about Bitcoin holders?
The Mean Coin Age (MCA) indicates the average age of all Bitcoins based on their purchase price2. A rising MCA suggests that older coins are being moved, implying selling by long-term holders, which may lead to further price declines2. Conversely, a falling MCA implies that holders of the coin do not want to sell, indicating accumulation of new coins and potential price increases.
Why might Bitcoin's price potentially decrease again?
Bitcoin's price might potentially decrease again due to the stagnancy in new addresses, indicating a lack of new investors, and long-term holders selling their coins, as evidenced by the rising Mean Coin Age (MCA). Additionally, the Relative Strength Index (RSI) shows a bearish momentum, suggesting a further price fall could be possible.