The chart above shows the ratio of Bitcoin price per total number of addresses.
I believe this chart gives us a good perspective.
Look at the chart.
We have a supply zone at the top.
There is a bull run after each halving event.
After the first two halving events (2012 and 2016), the price has risen until it entered the supply zone, after which it has dropped sharply.
But this time it has remained in the supply zone and is consolidating. We can see a big bullish move If it breaks this zone for the first time.
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Terms:
A Bitcoin address is a unique identifier that serves as a virtual location where the cryptocurrency can be sent.
A Bitcoin halving is when the payout for mining a new block is halved, and this happens after every 210,000 blocks (approximately four years).