Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target
2024年9月9日 - 7:00PM
NEWSBTC
Crypto analyst Daan Crypto has highlighted a Bitcoin Rainbow Chart,
which has provided insights into the crypto’s current price action.
The analyst also suggested that Bitcoin needs to hold above $60,000
to make a bullish reversal. Bitcoin Needs To Break
Above $60,000 In an X (formerly Twitter) post, Daan Crypto
suggested that Bitcoin needs to break above $60,000 to enjoy a
bullish reversal and possibly reach new highs in this market cycle.
The crypto analyst noted that Bitcoin was still trading in the dark
green region on the accompanying Rainbow chart as it struggles to
hold on to the $60,000 range. Related Reading: Dogecoin
Price Prediction: Extended Consolidation Or A Break Below/Above?
Meanwhile, as Bitcoin struggles to break above $60,000, Daan Crypto
raised the possibility of the leading crypto dropping below
$51,000, the blue area on the Rainbow chart. The crypto analyst
suggested it would present an excellent buying opportunity, stating
that the blue area has historically been a good accumulation area
in higher timeframes. Bitcoin’s price action has remained
tepid since hitting a new all-time high (ATH) of $73,000 in March
earlier this year. This has raised concerns that the bull market
might be over and that the crypto market is slowly entering a bear
market. However, Daan Crypto has provided some reassurance
that the best is still yet to come for Bitcoin. In another X
post, the crypto analyst stated that he doesn’t feel like the past
six months are that odd despite Bitcoin’s price action. He noted
that this cycle is like no other, as he provided insights into a
plausible reason why the leading crypto’s price has remained
stagnant since March. Bitcoin hit a new ATH before the halving
event in April, which has never happened before. In line with
this, Daan Crypto stated that Bitcoin is technically still ahead of
where it would have been in previous cycles. This suggests that the
crypto has stalled to consolidate and resynchronize with previous
halving cycles. Crypto analyst Rekt Capital once echoed a similar
sentiment while warning that Bitcoin’s failure to consolidate would
lead to an accelerated cycle. More Liquidity Will Soon Flow
Into BTC Arthur Hayes, the co-founder of the BitMEX crypto
exchange, recently stated that he anticipates more liquidity to
flow into Bitcoin. As such, he predicts that Bitcoin “might” rise
if things continue to play out the way he expects. Hayes’ bullish
prediction stems from his outlook on the macroeconomic side.
Related Reading: XRP Price To $100: Why Has It Not Hit This Price
Yet? He noted that Janet Yellen, the US Treasury Secretary,
released a statement over the weekend in which she maintained that
the US economy is heading towards a soft landing despite the recent
weak job reports. Therefore, the crypto market is expected to
recover if Yellen and the US Federal Reserve work towards
quantitative easing (QE). At the time of writing, Bitcoin is
trading at around $54,800, up over 1% in the last 24 hours,
according to data from CoinMarketCap. Featured image created with
Dall.E, chart from Tradingview.com
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