{"id":435731,"date":"2024-10-23T08:30:45","date_gmt":"2024-10-23T03:00:45","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=435731"},"modified":"2024-10-22T19:08:50","modified_gmt":"2024-10-22T13:38:50","slug":"bitcoin-rainbow-chart-gives-288k-target-for-btc-large-gains-ahead","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-rainbow-chart-gives-288k-target-for-btc-large-gains-ahead\/","title":{"rendered":"Bitcoin Rainbow Chart gives $288k target for BTC &#8211; Large gains ahead?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin was still in the accumulation zone at press time.<\/em><\/li>\n<li><em>Long-term investors have good reason to be excited about this cycle&#8217;s price performance.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a> was on the rise once more. Despite still having a bearish weekly structure, its move beyond the descending channel gave bulls some hope. The \u201c<a href=\"https:\/\/ambcrypto.com\/bitcoin-flashes-rare-double-super-signal-why-this-is-important\/\" target=\"_blank\" rel=\"noopener\">Super Signal<\/a>\u201d it flashed recently was seen as a strong bullish sign.<\/p>\n<figure id=\"attachment_435763\" aria-describedby=\"caption-attachment-435763\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-ETFs.png\"><img decoding=\"async\" class=\"size-full wp-image-435763\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-ETFs.png\" alt=\"Bitcoin ETFs\" width=\"650\" height=\"808\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-ETFs.png 650w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-ETFs-241x300.png 241w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/a><figcaption id=\"caption-attachment-435763\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/farside.co.uk\/btc\/\" target=\"_blank\" rel=\"noopener\">Farside Investors<\/a><\/figcaption><\/figure>\n<p>Data from Farside Investors showed that the previous week saw heavy inflows into the Bitcoin spot ETFs. Through these positive developments, the price of BTC remained below $70k.<\/p>\n<h2>Bitcoin Rainbow Chart strongly advocates buying<\/h2>\n<figure id=\"attachment_435765\" aria-describedby=\"caption-attachment-435765\" style=\"width: 1834px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1.png\"><img decoding=\"async\" class=\"size-full wp-image-435765\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1.png\" alt=\"Bitcoin Rainbow Chart\" width=\"1834\" height=\"726\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1.png 1834w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1-300x119.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1-1024x405.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1-768x304.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1-1536x608.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-rainbow-chart-1-1200x475.png 1200w\" sizes=\"(max-width: 1834px) 100vw, 1834px\" \/><\/a><figcaption id=\"caption-attachment-435765\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.blockchaincenter.net\/en\/bitcoin-rainbow-chart\/\" target=\"_blank\" rel=\"noopener\">Bitcoin Blockchain Center<\/a><\/figcaption><\/figure>\n<p>The Bitcoin Rainbow Chart is a fun way to look at the price movements of the king of crypto across different cycles. It doubles up as a tool that can be used to assess current long-term bias, and potentially forecast the next cycle&#8217;s top.<\/p>\n<p>The chart uses a logarithmic scale to represent the different price bands of BTC and gives a quick insight into whether it is a good time to buy.<\/p>\n<p>Surprisingly, even though Bitcoin is less than 10% below its ATH, the Bitcoin Rainbow Chart revealed that it is still in the \u201cBUY!\u201d zone. The risk when buying is low, and the mindset for investors should be one of HODL.<\/p>\n<p>In the previous cycle, Bitcoin reached a new ATH and slumped dramatically about 336 days after the halving date. It reached a new ATH roughly 18 months later.<\/p>\n<p>If a similar scenario plays out this cycle, Bitcoin would reach a high of $288k in March 2025 and be in the \u201cIs this a bubble?\u201d territory.<\/p>\n<h2>A closer look at the weekly chart<\/h2>\n<figure id=\"attachment_435764\" aria-describedby=\"caption-attachment-435764\" style=\"width: 1940px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price.png\"><img decoding=\"async\" class=\"size-full wp-image-435764\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price.png\" alt=\" Bitcoin 1-day TradingView\" width=\"1940\" height=\"1010\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price.png 1940w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price-300x156.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price-1024x533.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price-768x400.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price-1536x800.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/MD-3-BTC-price-1200x625.png 1200w\" sizes=\"(max-width: 1940px) 100vw, 1940px\" \/><\/a><figcaption id=\"caption-attachment-435764\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n<p>The findings from the Bitcoin Rainbow chart were enormously bullish. Bulls just need to HODL for 6\u20139 months more.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2024-25<\/p>\n<hr \/>\n<p>Technical analysis of the weekly chart showed the descending channel breakout and the subsequent price targets.<\/p>\n<p>The $82k and $95.5k are the targets for this move. The price has already retraced to the 61.8% retracement level. Breaching the series of lower highs, starting with $70k, would be a good first step.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The findings from the Bitcoin Rainbow chart were enormously bullish-bulls just need to HODL for 6\u20139 months more!<\/p>\n","protected":false},"author":57,"featured_media":435825,"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-435731","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 v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin Rainbow Chart gives $288k target for BTC - Large gains ahead? 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