At the time of writing, Bitcoin was still in the accumulation zone. Long-term investors have good reason to be excited about this cycle’s price performance.
Bitcoin (BTC) has risen again. Despite the still bearish weekly structure, the move above the descending channel gave bulls some hope. A “super signal” that flashed recently was considered a strong bullish sign.
Source: Farside Investors
Bitcoin spot ETFs saw significant inflows last week, according to data from Pharcyde Investors. Through these positive developments, BTC price remained below $70,000.
Bitcoin Rainbow Chart is highly recommended to purchase
Source: Bitcoin Blockchain Center
The Bitcoin Rainbow Chart is a fun way to observe the price movements of the king of cryptocurrencies over different cycles. This also serves as a tool that can be used to assess current long-term biases and predict the next cycle’s highs.
This chart uses a logarithmic scale to represent different price ranges for BTC, making it easy to see if it’s a good time to buy.
Surprisingly, the Bitcoin Rainbow Chart revealed that it is still in a “buy” state even though Bitcoin is less than 10% below its ATH. zone. The risk at the time of purchase is low and the investor’s mindset should be one of HODL.
In the last cycle, Bitcoin hit a new ATH and dropped dramatically approximately 336 days after the halving date. I reached my new ATH after about 18 months.
If a similar scenario plays out this cycle, Bitcoin will reach a high of $288,000 in March 2025, creating a “is this a bubble?” situation. region.
Take a closer look at the weekly chart
Source: BTC/USDT on TradingView
The findings from the Bitcoin Rainbow chart were very bullish. The bull will need to HODL for another 6-9 months.
Read the Bitcoin (BTC) price prediction for 2024-25
Technical analysis on the weekly chart showed a breakout of the descending channel and subsequent target price.
The targets for this move are $82,000 and $95,500. The price has already returned to the 61.8% retracement level. Breaking out of a series of lows starting at $70,000 would be a good first step.
Next: Bitcoin: How This Big Correlation Helps Keep BTC Rising
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