Future

Bitcoin ETF

Bitcoin

when

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>The Bitcoin Rainbow Chart suggests it’s still a good time to buy Bitcoin despite recent bearish sentiment.</li> 
 <li>Bitcoin’s price trend remains strongly bullish over the longer term, with a 55% gain since January lows.</li> 
</ul>  
<p>Bitcoin’s recent price movement has been met with a bearish sentiment, with further price drops anticipated. However, according to the Bitcoin Rainbow Chart, investors are advised to “BUY!” more Bitcoin. </p> 
<h2 id="bitcoin-s-price-trend">Bitcoin’s Price Trend</h2> 
<p>Bitcoin [BTC] has been hovering around the $60k support zone. Two months ago, a similar situation occurred when the price plummeted to $56k, retesting the $60k support zone. Back then, investors were fearful and cautious, and the same sentiment prevails today. </p> 
<p>Despite short-term bearishness, the longer-term trend for Bitcoin remains robustly bullish. In the past six months, Bitcoin has seen nearly a 55% increase from its late January lows at $38.5k. A higher low was established at $56.5k, serving as a crucial support level for buyers to defend in the upcoming weeks. </p> 
<h2 id="bitcoin-rainbow-chart-analysis">Bitcoin Rainbow Chart Analysis</h2> 
<p>The Bitcoin Rainbow Chart, which represents Bitcoin’s price movement on a logarithmic scale, suggests that it’s still a favorable time to buy Bitcoin. The chart is colored to highlight different zones from “Bitcoin is dead” to “Maximum bubble territory”. Currently, BTC is in the “BUY!” zone. </p> 
<p>The chart suggests that there’s still a long journey for this cycle’s price discovery. Looking at the past two cycle maximums, a maximum could be reached in September or October 2025. Even a conservative estimate places Bitcoin at a $260k value, with a potential rise to $373k if Bitcoin enters the “Is this a bubble?” territory. </p> 
<p>However, it’s essential to note that these are not accurate predictions but are based on the Bitcoin Rainbow Chart and the previous cycle’s halvings and top timings. Investors should exercise prudence and study price action and on-chain metrics to more accurately gauge the cycle top. </p> 
<h2 id="signs-of-buyer-weakness">Signs of Buyer Weakness</h2> 
<p>The Coinbase Premium Index has been negative for the past month, signaling that U.S. investor interest in Bitcoin has significantly declined over the past six weeks. This sentiment shift is also reflected in the sharp drop in Open Interest. </p> 
<p>Future market participants seem to prefer staying on the sidelines, unwilling to long BTC due to the consistent decline in recent weeks. This could be beneficial in the long run as it eliminates overleveraged bulls, guiding the price development towards a more stable, spot-driven route. </p> 
<p>Negative data from Farside Investors on Bitcoin ETF inflows over the past week further reflect this shift in sentiment. Despite these signs of buyer weakness, the Bitcoin Rainbow Chart still suggests that it’s a good time to buy Bitcoin.</p>

Unfolding Bitcoin’s Destined Journey to $250K: The Rainbow Chart Forecast

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CoinEagle.com

Ďalšie články zverejnené 26. 6. 2024

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