Bitcoin Rainbow Chart Flashes "Buy" Signal: Is It Time to Buy BTC?
Bitcoin [BTC] has been hovering between $60,000 and $70,000 for the past seven months. Although the price has not fluctuated much, considering the historically bullish fourth quarter, the current BTC price is actually a good time to buy.
According to Bitcoin's rainbow chart, BTC's current price is still in the "buy" zone.
From March until the subsequent correction, BTC was in a good time to "accumulate" and "buy".
How did the rainbow chart come about? It evaluates the value of BTC based on historical prices and then uses different colors to represent it. Low colors mean that BTC is undervalued, and high colors mean that the market is overheated and may need to pull back.
So is BTC cheap now?
Several other key valuation indicators also say that BTC's current price is quite "affordable".
Simply put, BTC is undervalued now. There is also an indicator called Puell Multiple, which judges whether the BTC price is high or not by looking at the ability of BTC miners to make money. The green area indicates that BTC is undervalued, and the area above indicates that the market is overheated.
According to the latest data, BTC is now severely undervalued, which is a great opportunity for investors!
Not only that, some industry leaders and companies are also optimistic about the future of BTC. They predict that by the end of 2024 and 2025, the price of BTC will rise very high.
If these predictions come true, then buying BTC in the fourth quarter of 2024 and 2025 will be a real profit, and it may break through the price range of these seven months.
At present, I have locked in a potential dark horse coin that is about to soar, and doubling is just an easy jump! The bigger goal is to carefully select a batch of potential coins that are expected to explode before the end of the year. I will announce the specific big moves inside. Click the avatar to follow me and share directly!
