At the time of publication, the Bitcoin Rainbow chart and other key indicators were signaling “buy.” Despite BTC’s price moving sideways in the $60,000–$70,000 range over the past seven months, analysts are expecting a bull market in Q4 2024 and into 2025.
According to the Bitcoin Rainbow Chart, the current BTC price is in the “buy” zone. The correction since March has consolidated the asset in the “accumulation” zones. The Pi Cycle Top indicator also showed that BTC is far from its peak value, which indicates possible further growth.
Puell Ratio Confirms Undervaluation#BTC , being at the level of 0.73, which also indicates a favorable buying opportunity.
The Puell Ratio is a ratio that compares the value of daily BTC supply in dollar terms to the 365-day moving average of the same value.
The Puell Ratio indicates high profitability of miners, incentivizing them to liquidate their coins. On the other hand, a low ratio forces less competitive miners to shut down their rigs, making the remaining miners more profitable and allowing them to sell fewer coins to cover their operations.
Standard Chartered Bank predicts that $BTC could reach $250,000 by 2025. ZX Squared Capital founder K.K. Zheng expects a new high as early as Q4 2024.
When analytical companies make statements about the growth of this or that asset, it is worth taking a closer look and see if it is a trap. I wish you luck in your investments.
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