{"id":428973,"date":"2024-10-02T07:30:15","date_gmt":"2024-10-02T02:00:15","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=428973"},"modified":"2024-10-01T17:49:59","modified_gmt":"2024-10-01T12:19:59","slug":"bitcoin-rainbow-chart-flashes-buy-signal-time-to-grab-btc","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-rainbow-chart-flashes-buy-signal-time-to-grab-btc\/","title":{"rendered":"Bitcoin Rainbow Chart flashes \u2018BUY\u2019 signal: Time to grab BTC?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The Bitcoin Rainbow Chart and other key metrics signaled \u2018BUY\u2019 at press time.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">\u00a0Market pundits expect bullish Q4 and 2025 \u2014 Should you hold on or jump in?\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> has been consolidating within $60K\u2014$70K for the past seven months. Despite the boring price action, the current BTC value was still a great buy opportunity ahead of a historically bullish Q4.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the Bitcoin Rainbow Chart, BTC\u2019s current value was still within the \u2018buy\u2019 zone. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, since its March and subsequent retracement, the asset has been firmly within the \u2018accumulate\u2019 and \u2018buy\u2019 zones.\u00a0<\/span><\/p>\n<figure id=\"attachment_428981\" aria-describedby=\"caption-attachment-428981\" style=\"width: 1495px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2.png\"><img decoding=\"async\" class=\"wp-image-428981 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2.png\" alt=\"Bitcoin rainbow chart\" width=\"1495\" height=\"1042\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2.png 1495w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2-300x209.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2-1024x714.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2-768x535.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BM-Pro-Bitcoin-Rainbow-Price-Chart-Indicator-2-1200x836.png 1200w\" sizes=\"(max-width: 1495px) 100vw, 1495px\" \/><\/a><figcaption id=\"caption-attachment-428981\" class=\"wp-caption-text\">Source: BM Pro<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">For context, the Rainbow Chart gauges BTC valuation based on historical prices but is presented visually through rainbow colors. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lower color bands signal undervalued BTC, while higher bands denote overheated market and potential corrections.\u00a0<\/span><\/p>\n<h2>Is BTC still discounted?<\/h2>\n<p><span style=\"font-weight: 400;\">Other key valuation metrics also signaled that BTC was relatively \u2018cheap\u2019 at press time value. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the Pi Cycle Top indicator, BTC was far from hitting this cycle\u2019s top, as denoted by the wide gap between the 111-day MA (Moving Average) and 350-day MA multiple (350 DMAx2).\u00a0<\/span><\/p>\n<figure id=\"attachment_428983\" aria-describedby=\"caption-attachment-428983\" style=\"width: 1366px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735.png\"><img decoding=\"async\" class=\"wp-image-428983 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735.png\" alt=\"Bitcoin rainbow chart\" width=\"1366\" height=\"620\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735.png 1366w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735-300x136.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735-1024x465.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735-768x349.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-132735-1200x545.png 1200w\" sizes=\"(max-width: 1366px) 100vw, 1366px\" \/><\/a><figcaption id=\"caption-attachment-428983\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">For the unfamiliar, the Pi Cycle Top metric has effectively captured BTC cycle tops with a 3-day accuracy. Historically, cycle tops have been hit after 111 DMA hiked and crossed 350DMAx2.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The wide gap at press time meant BTC\u2019s <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-bull-run-hopes-dimming-btc-dips-below-65k\/\"><span style=\"font-weight: 400;\">bull run<\/span><\/a><span style=\"font-weight: 400;\"> could extend.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In short, BTC was relatively undervalued at press time. A similar outlook was illustrated by the Puell Multiple, which evaluates whether BTC is overpriced using BTC miners\u2019 profitability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The green zone is synonymous with undervalued BTC, while the overhead zone signals an overheated market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Based on the press time reading, 0.73, BTC was grossly underpriced, suggesting a great buying opportunity for investors.\u00a0<\/span><\/p>\n<figure id=\"attachment_428984\" aria-describedby=\"caption-attachment-428984\" style=\"width: 1343px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230.png\"><img decoding=\"async\" class=\"wp-image-428984 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230.png\" alt=\"Bitcoin rainbow chart\" width=\"1343\" height=\"612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230.png 1343w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230-300x137.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230-1024x467.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230-768x350.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Screenshot-2024-10-01-133230-1200x547.png 1200w\" sizes=\"(max-width: 1343px) 100vw, 1343px\" \/><\/a><figcaption id=\"caption-attachment-428984\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Besides the above valuation metrics, key industry figures and firms have made high BTC price targets for end-2024 and 2025. Standard Chartered Bank predicted the asset could hit $250K by 2025.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On his part, CK Zheng, founder of crypto-focused hedge fund ZX Squared Capital, BTC, would hit an ATH in Q4 2024, regardless of who wins the US elections. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The executive cited high US national debts and fiscal deficits as reasons why BTC would become more lucrative amid the Fed rate cut cycle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the predictions come true, Q4 2024 and 2025 would offer huge BTC returns, potentially breaking above the 7-month long price range. If so, the current BTC value could be deemed grossly discounted.\u00a0<\/span><\/p>\n<figure id=\"attachment_428986\" aria-describedby=\"caption-attachment-428986\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15.png\"><img decoding=\"async\" class=\"size-full wp-image-428986\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15.png\" alt=\"BTC \" width=\"1950\" height=\"907\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15-1024x476.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15-768x357.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15-1536x714.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/BTCUSDT_2024-10-01_14-37-15-1200x558.png 1200w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-428986\" class=\"wp-caption-text\">Source: BTC\/USD, TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Since its March high and subsequent decline, BTC remained within the \u2018accumulate\u2019 and \u2018buy\u2019 zones on rainbow chart. <\/p>\n","protected":false},"author":79,"featured_media":428989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-428973","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin Rainbow Chart flashes \u2018BUY\u2019 signal: Time to grab BTC? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin rainbow chart suggested &#039;BUY&#039; signal for BTC prices. 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