Coin World Report:
As of the time of writing, Bitcoin is still in the accumulation zone.
Long-term investors have ample reasons to be excited about the price performance of this cycle.
Bitcoin [BTC]
is rising again. Despite the bearish week structure, its breakout from the downward channel trend has given some hope to the bulls.
Super signal
It has recently flashed and is seen as a strong bullish signal.
Data from Farside Investors shows a large influx of Bitcoin spot ETFs last week. With these positive developments, the price of BTC remains below $70,000.
Bitcoin Rainbow Chart strongly advocates buying
The Bitcoin Rainbow Chart is an interesting way to view the price trends of the cryptocurrency king in different cycles. It also serves as a tool to assess the current long-term deviation and potentially predict the top of the next cycle.
The chart uses a logarithmic scale to represent different price ranges of BTC and quickly determine whether it is a good time to buy.
Surprisingly, despite Bitcoin being less than 10% below its all-time high (ATH), the Bitcoin Rainbow Chart indicates that it is still in the “buy!” zone. The risk of buying is low, and investors’ mindset should be to HODL.
In the previous cycle, Bitcoin reached a new ATH and experienced a significant drop of about 336 days after the halving date. Approximately 18 months later, it reached a new ATH.
If a similar scenario occurs in this cycle, Bitcoin will reach a high point of $288,000 in March 2025 and be in the “Is this a bubble?” zone.
Take a closer look at the weekly chart
The results of the Bitcoin Rainbow Chart are very optimistic. Bulls only need to hold on for another 6-9 months.
Read
Bitcoin [BTC] Price Predictions
2024-25
Technical analysis of the weekly chart shows a breakout from the downward channel and subsequent price targets.
$82,000 and $955,000 are the targets of this move. The price has retraced to the 61.8% Fibonacci retracement level. Breaking a series of lower highs starting from $70,000 would be a good first step.
