On-Chain Measures Point to a Long-Term Bull Market
In Q2 2024, there was a 5% pullback due to strong selling pressure; nevertheless, on-chain analytics indicate that things are looking better for $BTC . Following a miner capitulation incident brought on by the most recent block reward halving, the price dropped.
In contrast to concerns over a fizzling bull market, a number of indicators point to sustained optimism. A logarithmic growth curve model for long-term valuation called the Bitcoin Price Rainbow Chart indicates that current price levels still offer appealing investment prospects.
The significance of Bitcoin's RSI
Another important metric is the Relative Strength Index (RSI), which is now at 43.2. An overpriced asset is typically indicated by an RSI reading above 70, while an undervalued asset is indicated by a score below 30. The present RSI indicates that there is still potential for price growth until Bitcoin reaches its top.
In conclusion, despite recent setbacks, investor analytics and on-chain data point to continued bullish momentum for Bitcoin. Bitcoin looks to be in a strong position for long-term growth as indicators like the RSI and important support levels continue to hold steady.
#ETHETFsApproved #BTC #BTCFOMCWatch #BinanceTournament #AirdropGuide
