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Bitcoin (Bitcoin) Consolidation around $20,000 continues, with the mainstay Cryptocurrency The region looks stable as the crypto winter continues. However, investors are monitoring asset price movements for signals of upcoming action.
One of the tools utilized in determining the likelihood of Bitcoin price action is bitcoin center rainbow price chartThis chart highlights how past Bitcoin prices can provide a glimpse into how the asset may perform in the future.
Longer term, the chart suggests that Bitcoin could reach a six-figure value of $626,383 by October 9, 2024 if the historical pattern continues. .
At the same time, the chart shows that the current crypto winter may have bottomed out. In particular, the current Bitcoin price of around $19,500 is valued in the essentially fire sale zone represented in blue.
Historically, the last time Bitcoin hit this level was in March 2022, when the asset traded at almost $5,000. As a result, Bitcoin has embarked on a rally to reach an all-time high of nearly $69,000 by the end of 2021.
Rainbow chart also points to Bitcoin as it prepares for a bullish trend “HODL” Status will start at the end of the year when the asset trades at $86,151.
Note that the rainbow chart bands have been adjusted over time to better match past performance. At the same time, color bands only follow logarithmic regression and are not part of the scientific basis. In particular, the chart’s creators say it’s a fun way to see Bitcoin’s potential future performance.
Meanwhile, Bitcoin has recorded some stability over the past seven days. At the time of writing, the asset is trading at his $19,511, up about 2% weekly.
The market capitalization of assets is also stable at around $374.14 billion. coin market capitalization data.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculation. Your capital is at risk when you invest.
