It has been understood that Bitcoin is still in a period of bullish reversal when looking at the price chart for this year. The price of the cryptocurrency gained 70% after bottoming out at a price of $16,800 in November of 2022 while defying the rate hike fears whilst riding on several growing exchange-traded fund approval optimism. However, over the last couple of months, the bulls of the cryptocurrency have not been able to capitalize and sustain the price of the cryptocurrency above a sum of $30,000. Therefore, with the bullish halving still around 200 days away, several traders wonder if the price of the cryptocurrency will crash again in the next few months.
Bitcoin’s Price Could Be Moving Above the Trendline
From an extremely technical standpoint, the price of Bitcoin did manage to stabilize around the Fib line of 0.236 of its Fibonacci retracement graph, which was drawn from the $69,000 swing high to the swing low of $15,900. This extremely flat price action of BTC does look a lot similar to the one that was witnessed during the BTC price correction of 2018. In 2018, the pair managed to stabilize itself around the Fib line of 0.236 at around $6,790 for months, before it ended up dropping toward the $ 3,000 mark in December. The level of $3000 also coincided with what is now being considered a multiyear ascending trendline support.
The on-chain metrics of Bitcoin have been painting quite a mixed outlook. The coin days of the cryptocurrency destroyed the metric, after measuring the investors’ actions for the long-term, which spiked on 19th September- something that indicates that some of the long-term BTC holders have been moving their coins.