Is Bitcoin price going to crash again?

When looking at this years price chart, bitcoin (BTC) is still in a bullish turnaround. The BTC price has actually gotten 70% after bottoming out at around $16,800 in November 2022, defying rate hike fears while riding on growing exchange-traded fund approval optimism. Nevertheless, in recent months, Bitcoin bulls have actually failed to sustain the BTC rate above $30,000. Therefore, with the “bullish” halving still over 200 days away, lots of traders wonder if the Bitcoin cost will crash once again in the coming months. Cointelegraph takes a look at the possible scenarios as Q3 draws to a close.Fibonacci fractal tips at Bitcoin crash to $21,500 From a technical viewpoint, the Bitcoin price has actually supported around the 0.236 Fib line of its Fibonacci retracement graph drawn from the $69,000 swing high (the market top) to the $15,900 swing low (the regional market bottom). This flat BTC rate action looks really similar to the one seen during the 2018 BTC rate correction.BTC/ USD weekly cost chart. Source: TradingViewIn 2018, the BTC/USD set supported around its 0.236 Fib line at around $6,790 for months prior to dropping towards $3,000 in December. The $3,000 level coincided with what is now multiyear rising trendline assistance (marked as bearish market assistance in the chart above). Bitcoin is now midway duplicating 2018 currently with price flatlining at the 0.236 Fib line. A breakdown from this level suggests BTC price will see $21,500 as the next major support level, down 17.75% from present levels.Strong dollar includes to Bitcoins disadvantage risksMeanwhile, the U.S. Dollar Index (DXY), which determines the greenbacks strength against a swimming pool of top foreign currencies, has reached its highest level because November 2022. The index has actually been adversely associated with Bitcoin throughout 2023, as revealed below.BTC/ USD vs. DXY weekly cost chart. Source: TradingViewThe dollars advance has actually sped up after the United States Federal Reserves rate choice on Sept. 20, and the DXY is presently painting its 11th consecutive green weekly candle.DXY weekly efficiency chart. Source: TradingViewIn other words, Bitcoins advantage prospects could be restricted if the dollar continues to climb up following the DXY golden cross.”Old” Bitcoin being sold?Bitcoins on-chain metrics are painting a mixed outlook.Bitcoins coin days ruined (CDD) metric, determining long-term financiers actions, spiked on Sept. 19, indicating that some long-lasting BTC holders moved their coins, recommending possible profit-taking or repositioning.Traders must take care here as the majority of CDD spikes have actually traditionally preceded cost declines.Bitcoin coin days destroyed. Source: CryptoQuantOn the other hand, Bitcoin reserves across all crypto exchanges continue decreasing, which means increasing hodling habits among investors.Bitcoin exchanges BTC reserves. Source: CryptoQuant What Bitcoin trading experts are sayingBitcoin experts are likewise divided over where BTC price may be headed in the months ahead. Popular trader Skew argues that the BTC rate can strike $30,000 by October, mentioning thin ask liquidity near $27,000, potentially resulting in a breakout. Related: Bitcoin fails to recoup post-Fed losses as $20K BTC price returns to radarFellow expert Rekt Capital, however, doesnt rule out a cost correction towards $18,000 based upon a pre-halving fractal revealed below.BTC/ USD weekly cost chart. Source: TradingView/Rekt Capital”History suggests that the next 140 days will be crucial for dollar-cost-averaging in preparation for the Post-Halving parabolic rally,” stated Rekt Capital, including: “If Bitcoin is going to retrace from [the existing rate levels], it will probably be during this present 140 day duration.”This short article does not include investment suggestions or suggestions. Every financial investment and trading relocation involves risk, and readers should conduct their own research when deciding.

Bitcoin (BTC) is still in a bullish reversal when looking at this years cost chart. Cointelegraph looks at the possible scenarios as Q3 draws to a close.Fibonacci fractal hints at Bitcoin crash to $21,500 From a technical standpoint, the Bitcoin price has supported around the 0.236 Fib line of its Fibonacci retracement chart drawn from the $69,000 swing high (the market top) to the $15,900 swing low (the local market bottom). This flat BTC rate action looks really comparable to the one experienced throughout the 2018 BTC price correction.BTC/ USD weekly cost chart. Related: Bitcoin stops working to recoup post-Fed losses as $20K BTC cost returns to radarFellow analyst Rekt Capital, nevertheless, doesnt rule out a cost correction toward $18,000 based on a pre-halving fractal revealed below.BTC/ USD weekly price chart.