Last week’s performance of Bitcoin (BTC) was quite impressive as Bitcoin finally succeeded in breaking beyond the $20,000 barrier. But the BTC began to decline as the weekend approached. As of the time of writing, BTC had fallen to $19k.
Even as the market turns bearish over the next several days, it is anticipated that the price performance of bitcoin will remain stable.
But in the next few days, Bitcoin might respond to the FED’s action. A hawkish FED may result in selling pressure that lowers the price of Bitcoin
The rainbow price chart from Bitcoincenter is one of the resources used to predict potential bitcoin price movement. The graph shows how past bitcoin prices can give an indication of how the asset might behave in the future.
By October 9, 2024, when the leading cryptocurrency reaches the “Maximum Bubble Territory,” denoted by the dark red color, the chart predicts that, assuming the historical pattern holds, Bitcoin may reach a six-figure value of $626,383.
The pattern also suggests that the current crypto winter may be reaching its lows. Notably, the $19,500 price of bitcoin is falling into the “basically a fire sell” zone in the blue today.
The last time Bitcoin reached that amount historically was in March 2022, when the unit traded for about $5,000. As a result, Bitcoin started to rise, reaching an all-time high of around $69,000 by the end of 2021.
It is important to note that rainbow chart bands have changed throughout time to better reflect past performances.
However, the color bands are not a part of the scientific foundation; they just follow logarithmic regression.
The creator of the chart specifically mentions how entertaining it is to consider the potential future performance of Bitcoin.
