BTC Hits Fresh Highs: Analysts Eye $200K Mark on Updated Rainbow Chart
The king of cryptos, Bitcoin (BTC), is in the spotlight as it continues to hit new record highs after a record high, which certainly fuels the excitement of investors and analysts. The new “Bitcoin Rainbow 2023” chart, which remains a handy instrument for crypto fans, indicates that it may be worth hanging on to BTC, at least for the holders.
BTC keeps hitting new highs!
The New Bitcoin Rainbow 2023 chart shows that it’s okay to continue holding $BTC.
The 2-Year MA Multiplier shows that the price of $BTC could top out around $200K(approach the red line).https://t.co/c2snAqQF8Thttps://t.co/MwmyHpQTBN pic.twitter.com/EDKohW0EiK
— Lookonchain (@lookonchain) November 12, 2024
This chart, intended to illustrate BTC’s possible price volatility, is nearing this upper limit without touching the Maximum Bubble Territory. This means that more continued growth could happen before the market becomes saturated.
New Projections: $200K Possible with 2-Year MA Multiplier
Besides the Rainbow Chart, the 2-year Moving Average (MA) Multiplier also shows the outlook for Bitcoin’s future price is high. This metric, meant to capture long-term market trends, suggests that BTC could eventually peak at a price ceiling in the range of $200,000, as shown by the red line. The 2-Year MA Multiplier traditionally defined the past Bitcoin price tops as the peaks aligning with this indicator.
What It Means for BTC Investors
Such optimistic forecasts are a part of the overall positive sentiment regarding BTC and other digital assets, given the inflow of institutional money and retail participation. With BTC testing new highs, investors face a crucial decision: continue holding or retaining earnings, which refers to the profits being locked in. For those in the crypto space, both the Rainbow Chart and the 2-Year MA Multiplier charts give signals that one should possibly hold on because many altcoins are not yet at a ‘sell’ signal.To sum it up, while no forecasting models can assure future value, these predictors are the best guess, which implies that Bitcoin might have the potential for new all-time highs, possibly $200,000, before encountering stiff opposition.
