3 reasons why Bitcoin traders say a BTC price trend reversal is overdue

Key Bitcoin price metrics suggest BTC price is undervalued in its current range.

Despite this performance, the technical setup, whale activity and on-chain data show that Bitcoin traders believe a trend reversal toward news highs could be in the making.Bitcoin’s monthly chart shows the current price range is retesting an area that acted as a resistance when the BTC hit previous all-time highs, as

“On the monthly timeframe, Bitcoin is still retesting the old All Time High major resistance area as new support .”According to Moustache, this has happened only twice in the past—in 2017 and 2020. In both cases, previous all-time highs supported Bitcoin’s price, after which the coin went on a parabolic uptrend, hitting new record highs.“After reclaiming the line in 2012, 2016 and 2020, Bitcoin was just getting started. This will go much higher.

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