Bitcoin rainbow chart suggested 'BUY' signal for BTC prices. Pi Cycle Top and Puell Multiple also showed BTC was undervalued.
has been consolidating within $60K—$70K for the past seven months. Despite the boring price action, the current BTC value was still a great buy opportunity ahead of a historically bullish Q4.In fact, since its March and subsequent retracement, the asset has been firmly within the ‘accumulate’ and ‘buy’ zones.For context, the Rainbow Chart gauges BTC valuation based on historical prices but is presented visually through rainbow colors.
According to the Pi Cycle Top indicator, BTC was far from hitting this cycle’s top, as denoted by the wide gap between the 111-day MA and 350-day MA multiple .For the unfamiliar, the Pi Cycle Top metric has effectively captured BTC cycle tops with a 3-day accuracy. Historically, cycle tops have been hit after 111 DMA hiked and crossed 350DMAx2.In short, BTC was relatively undervalued at press time.
Based on the press time reading, 0.73, BTC was grossly underpriced, suggesting a great buying opportunity for investors.Besides the above valuation metrics, key industry figures and firms have made high BTC price targets for end-2024 and 2025. Standard Chartered Bank predicted the asset could hit $250K by 2025.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Rainbow Chart signals ‘BUY’ – But is it the right time?Bitcoin rainbow chart indicated that the asset was grossly undervalued at current price with a potential to climb higher.
Read more »
Ethereum’s latest downtrend – Examining how weak ETH really is against BTCEthereum (ETH), at press time, seemed to be showing some weakness against Bitcoin (BTC), with the ETH/BTC price action chart...
Read more »
Bitcoin exchange deposits plummet to six-year low – What it means for BTCBitcoin exchange deposits have hit a six-year low. That said, HODLERS are key in preventing a drop to the $55K support.
Read more »
Bitcoin: How falling U.S. bank reserves might boost BTC priceBitcoin poised for higher prices as market conditions indicate a potential boost to liquidity due to bank reserves sliding.
Read more »
BlackRock Bitcoin ETF sees first inflow in weeks: Investors favor BTC again?Bitcoin ETFs saw renewed inflows, boosting Bitcoin’s price above $60K, despite short-lived gains for BlackRock’s IBIT.
Read more »
Cathedra Bitcoin’s new moves: What’s next for BTC mining?Canadian Bitcoin miner Cathedra Bitcoin is undergoing a strategic pivot after seven years of primarily focusing on mining operations.
Read more »