Bitcoin Chart Excited: Six Digit Price May Come!

bitcoin The massive consolidation that the price experienced at the $20,000 level shows that the leading cryptocurrency can gain stability even in the crypto winter. As investors and traders continue to look for clues regarding the course of the BTC price, the trend remains uncertain. However, the Bitcoin Rainbow chart shared an important detail regarding the price.

The Bitcoin rainbow chart, which is often used to determine Bitcoin price action, provides clues as to how past prices might perform in relation to the future potential of the asset.

In the long run, it shows that if the historical pattern is sustained, Bitcoin could reach a six-digit value of $626,383 by October 9, 2024, when it will reach the ‘Maximum Bubble Zone’ represented in dark red.

Has Bitcoin Price Bottomed?

At the same time, the chart also revealed that the current crypto winter may have bottomed out. Specifically, $19,500 available BTC pricei is rated under the “Basically Fire Sale” zone, represented in blue.

Koinfinans.com As we reported, historically, the last time Bitcoin reached this level was in March 2020, when the asset was trading at around $5,000. As a result, Bitcoin started a rally that resulted in an all-time high of around $69,000 at the end of 2021.

Bitcoin Rainbow Chart

At the beginning of the uptrend, Bitcoin rainbow chart It also indicates that Bitcoin ‘HODL’ will begin at the end of the year when the asset is trading at $86,151.

Rainbow Graph Warns

It is quite important to note that the rainbow graphic bands have been adjusted over time to better match past performances. Also, the color bands only follow logarithmic regression and have no technical or economic counterpart. Specifically, the creators of the chart created this chart to point out that it is a fun way to look at Bitcoin’s potential future performance.

Meanwhile, Bitcoin has registered some stability over the past seven days. At press time, the asset was trading at $19,511, gaining about 2% weekly.

Bitcoin price movements

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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