The cryptocurrency market is experiencing a significant downturn, with Bitcoin's price plummeting to $61,062, a 4.96% decrease in just seven days. According to key on-chain indicators, this correction may last for several months, leaving many Bitcoin holders concerned.

The Delta Gradient, a metric that measures the relative change in momentum against the true organic capital of a cryptocurrency, is currently negative, indicating a potential downtrend that could last between 28 to 60 days. Additionally, the Network Realized Profit/Loss metric shows that a significant number of transactions on the chain have ended in losses, which could foreshadow a price increase. However, the dwindling activity on Bitcoin's network, with active addresses decreasing to 694,000, suggests a decline in demand for the coin.

Historical patterns suggest that Bitcoin's price correction may last for a month or two, with the potential for a further decline below $60,000. While some analysts, like Michael van de Poppe, believe that the correction may soon be over, others predict a more prolonged downturn.

The decrease in active addresses and the negative reading of the Delta Gradient suggest that the price correction may continue for some time. However, it is important to note that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. As such, investors must exercise caution and conduct thorough research before making any investment decisions.

In conclusion, Bitcoin's price correction may last for several months, with key on-chain indicators suggesting a potential downtrend. While some analysts predict a quick recovery, others believe that the correction may continue for some time. As the market continues to evolve, investors must remain vigilant and adapt to the changing landscape.