Experts from the analytical platform CryptoQuant stated that the number of active wallets in the Bitcoin network has fallen to its lowest level in three years. According to experts, this is precisely why the rate of the first cryptocurrency may fall even lower.

CryptoQuant noted that this number of active wallets was observed in 2021, when the price of Bitcoin was about $45,000.

“We are seeing a decline in overall activity on the network, with fewer transactions occurring, which may reflect a decline in interest in using the Bitcoin blockchain. This sense of disinterest is having a negative impact on the price, coinciding with the low trading volume,” the experts said.

Analysts have noted that digital gold has been in the range between $71,000 and $50,000 for six months. They estimate that for some investors, the decline in the number of active addresses and the cost BTC profitable because they can buy more cryptocurrency in anticipation of a bullish trend.

Earlier, experts from the Outlier Ventures platform stated that halving has ceased to affect Bitcoin. According to experts, 2016 was the last year when the reduction of the miners’ reward had a fundamental impact on the price of the first cryptocurrency.