Bitcoin May Reach 6 Digit Prices
According to Blockchaincenter’s Bitcoin Rainbow Chart interpretation, Bitcoin price could reach 6 digits in 2 years. So how? The rainbow chart gives us an idea of how the asset could potentially perform in the future, taking into account past Bitcoin price movements. According to the Bitcoin Rainbow Chart, Bitcoin seems to have not yet reached the maximum bubble zone in its last bull run. In a possible bull season in the coming years, it is thought that Bitcoin will reach the Maximum Bubble Zone. According to this chart, it is said that Bitcoin will reach a value of $ 626 thousand 383 by October 9, 2024, when Bitcoin will reach the maximum bubble zone represented by red in the long run. At the same time, the chart also shows that the current crypto winter may be over. In particular, the process in which Bitcoin was at the level of about $ 19,500 is represented in blue. In other words, according to the graph, this region is shown as the purchase region. Looking at past Bitcoin behavior, it seems that the price rises to the dark red band every time Bitcoin halving occurs. However, according to the latest Bitcoin halving on May 11, 2022, the highest price had stopped at its dark orange band. Since the next Bitcoin halving is expected to occur in the middle of 2024, it seems important not to ignore future predictions.
What is a Rainbow Chart?
The Bitcoin Rainbow Chart is one of the older tools used to predict the long-term price of Bitcoin. It was developed by an early Bitcoin investor named Azop on the social media platform Reddit as a fun way to look at long-term price movements while ignoring daily volatility. The chart has been named a rainbow because it shows market sentiment with colored bands that can indicate when traders will buy or sell in different price ranges in the cryptocurrency market. In this chart, each color represents a different situation. For example, Blue color indicates the best time to buy Bitcoin, while dark red color indicates that Bitcoin is overvalued and it is not recommended to buy Bitcoin at this point. It’s also worth noting that the rainbow chart bands have been adjusted over time to better match past performances.
Bitcoin Price Analysis
When we look at the price of Bitcoin, it seems that it has recorded some stability in the last 7 days. According to Coinmarketcap data, Bitcoin, which has continued its price activity with a weekly gain of 2% in the last 7 days, is priced between the bands of 19 thousand and 19 thousand 500. If the Bitcoin price rises in the coming days, the first resistance level we will encounter is at the level of $ 20 thousand 500. In case this resistance is overcome, the $22,000 and $24,300 levels appear as other resistance points. In a possible bearish scenario, 18 thousand 200, 17 thousand 600 and 15 thousand 900 dollars can be shown as support points, respectively.
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