According to ChainCatcher, Lookonchain posted on the social platform that five indicators can be used to observe whether Bitcoin has reached the top:
The Rainbow Chart is a long-term valuation tool that uses a logarithmic growth curve to predict the potential future price direction of BTC. The new Bitcoin Rainbow2023 chart shows that BTC is still cheap;
Relative Strength Index (RSI) chart ≥70: BTC is overbought and may fall soon. ≤30: BTC is oversold and may rise soon. The current RSI is 61.87, and compared with previous data, BTC does not seem to have reached its peak yet;
The 200-week moving average heat map shows that the current price point is blue, which means that the price top has not yet been reached and it is time to hold and buy;
Cumulative Coin Value Destroyed Days (CVDD). When the BTC price touches the green line, the BTC price is undervalued, indicating that it is a good buying opportunity. The current CVDD shows that the top of BTC seems to have not yet been reached.
The annual moving average multiplier shows that the price of BTC is in the middle of the red and green lines. It has not yet touched the red line and the market has not yet peaked.
