The Rainbow Chart points to an incredible $626,000
Bitcoin Price Prediction: Bitcoin Rainbow Chart indicates that Bitcoin (BTC) price may have bottomed. In addition, the chart shows that another rally towards $600,000 may begin.
The leading cryptocurrency Bitcoin continues to hover in the range from $19,000 to $21,000. The consolidation and decreasing volatility of the Bitcoin price indicates that the price is stabilizing. The Bitcoin rainbow chart also shows that the BTC price may have bottomed out.
The rainbow map
The BTC rainbow chart is one of the oldest tools used to look at the long-term price of Bitcoin. It is known for its funny map image. The chart is called a rainbow because it shows market sentiment with colored bands. These can indicate when traders will buy or sell in different price ranges. According to the cryptocurrency chart, BTC is currently in the blue zone at the bottom of the rainbow and has bottomed out.
Although the blue zone is known as the point where the fire is extinguished, it should be remembered that the market’s expectations are not yet in the direction of the bottom price. The fear and greed index is in the extreme fear zone with 28 points. This means that trust in BTC has not yet been established.
BTC Rainbow Chart. Source: Blockchaincenter
Bitcoin Price Prediction: BTC May Have a New ATH
The Bitcoin Rainbow Chart indicates that if BTC follows the long-term ongoing pattern, it may reach the ‘Maximum Bubble Zone’ represented by dark red. According to the chart, Bitcoin price may reach $626,383 by October 9, 2024.
The last time the blue band (which coincides with today’s price level) was reached, Bitcoin started a rally from $5,000 (March 2020) to $69,000 (November 2021). The chart shows that the possible new rally to $600,000 will start at $84,000 at the end of the year. On the other hand, it should be noted that the rainbow chart lacks macro and micro development and is only price oriented.
The creators of the chart point out that this is a fun way to look at Bitcoin’s potential future performance.
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