The legendary Bitcoin indicator pointed to $ 500,000:

The Bitcoin Rainbow Chart, which was frequently used for a while, shows that the $BTC price could reach $ 500,000 in this bull cycle.

The leading crypto Bitcoin broke a new record with US President Donald Trump's statements about the strategic #Bitcoin reserve. The $BTC price rose above $ 106,500 at night, reaching an all-time high.

New price targets began to form in the BTC bull, which intensified in the last plateau of 2024. AMBCrypto reported that the Bitcoin Rainbow Chart, the most popular indicator of the 2021 bull, pointed to $ 500,000. The analysis mentioned the positive momentum provided by institutional flows and the positive news flow from the US.

Bitcoin grows with institutional appetite

Positive macro trends and blockchain growth are remarkable in Bitcoin. The BTC price continues to rise with healthy growth.

According to AMBCrypto’s analysis, the Bitcoin Rainbow Chart indicates a super rally of up to 400 percent in this cycle. The analysis included the following statements;

“Since November, critical indicators and developing market dynamics have pointed to new peaks for Bitcoin. The conditions required for BTC to reach $500,000 have begun to emerge.”

Bitcoin’s developments since November have enabled it to be adopted as a financial asset. In particular, the interest of countries’ reserve plans and pension funds in Bitcoin has drawn attention during this process.

BlackRock’s iShares IBIT Bitcoin ETF (IBIT) recorded a net inflow of over $17 billion. The increase in institutional demand showed that BTC will not easily come down from its peak. Spot Bitcoin ETFs, which increase existing liquidity, have bridged the gap between traditional finance and crypto.

The Bitcoin Rainbow Chart shows parabolic rallies that exceed the “Maximum Bubble Zone” levels created in red. The chart in question indicates a new rally.