Bitcoin's weak demand may be due to a lack of new investors

According to OnChain analyst Axel Adler, Bitcoin (BTC) has yet to reach its peak demand level, largely due to weak interest from new investors compared to previous bullish periods.

The expert suggests that new investors may enter the market at a later stage - a view supported by the metric "Ratio of old to new Bitcoin supply".

Current data shows that BTC is still far from high demand areas, suggesting potential for price upside in the medium to long term.

At the time of writing this article Bitcoin traded at $64,319, down nearly 3% over the past week. Active addresses of existing users have increased by 6% in the past week.

The analysis of the indicator "Mean Coin Average” (MCA) shows the average age (time since they were last transferred) of all coins based on an average purchase price. When the indicator rises, it means that old coins are being moved to new wallets. In most cases, this means long-term holders are selling. However, when the MCA falls, it means that the holders of the coin do not want to sell. At the time of writing, Bitcoin's 90-day MCA still continues its upward trend since June 1. If this trend does not change, the price of the leading cryptocurrency may go down and the forecast of $61,000 will become a reality.

From a technical perspective, the Relative Strength Index (RSI) on the 4-hour chart indicates that Bitcoin's market momentum is bearish and approaching oversold territory.

In summary, while demand for Bitcoin remains weak in the short term, potential indicators such as active addresses and MCA provide insight into possible future price movements dependent on market dynamics and investor sentiment.