LIVEIs now the right time to buy Bitcoin? – analysis by AMBCrypto
Investors’ confidence in Bitcoin (BTC) has somewhat dwindled as the king of crypto fails to go above $69k. However, the Bitcoin Rainbow Chart revealed that BTC was actually mimicking its 2020 trend post-halving.
AMBCrypto’s analysis revealed that after months of its third halving, the Bitcoin Rainbow chart revealed that the coin entered the “BUY” zone. After remaining in that zone for a few months, BTC’s price skyrocketed.
A similar trend was seen in BTC’s 2024 Rainbow chart, as it indicated that the coin was in the buy zone.
If that is to be considered, then this might just be the last opportunity for investors to buy BTC at a lower price before it moves up and enters the accumulate and HODL zones.
Like metrics, most of the technical indicators also looked bearish. For instance, the MACD displayed the possibility of a bearish crossover.
The Relative Strength Index (RSI) registered a decline, indicating a price drop soon. Nonetheless, the Chaikin Money Flow (CMF) remained bullish as it went northwards.
