Crypto expert Kabuki explained why Bitcoin rainbow chart indicates that the stock price is above $60,000. The analyst noted that BTC is showing previous cycles and suggested that a base could soon form in the leading crypto industry.
Bitcoin Rainbow Chart Shows Why Prices Are Rising
In a X postKabuki said that Bitcoin stays between $ 65,000 and $ 68,000 for a reason and this is not a random event but BTC repeating history. He said that in 2017, the foundation was created, which led to a parabolic growth. The same thing happened in 2021, which led to further expansion.
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Kabuki also said that the same pattern is playing out for Bitcoin this time and that this trend is a pre-explosion phase. The following chart showed that the leading crypto currency could go as high as $400,000 next time. cows aroundwith high chances in 2029. At this time, the chart also confirmed that the bottom can form soon, and the current position is a good place to buy.
However, Kabuki said that there is a chance that Bitcoin will fall to $42,000. In China X postHe said that BTC is perfectly following the downward trend with its drop all time (ATH) about $125,000. The analyst predicted that the leading crypto could drop from $69,000 to $42,000 as this bearish pattern continues. He said that the highs and lows will lead to a final swing before the rally to $200,000.
BTC Back Into Bear Flag
In a X postcrypto expert Colin said that Bitcoin is back inside the bear flag, giving hope for a bullish reversal. However, he warned that the highest the market will see is a long-term rally of BTC to $80,000 if The US-Iran war it actually ends. The analyst added that Bitcoin should show itself to start breaking the resistance levels soon.
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Colin said that the long-term pump in Bitcoin will eventually sell off and that the decline will resume after a while. As such, they decided that each pump would be an opportunity to lower the weighted area instead of firing new ATHs.
The The expert also agreed it’s an expert’s opinion, and I realize that a broader approach is coming though The return of Bitcoin within the process. The analyst said that there will be a real change in structure only if BTC breaks this trend. He said that this could happen at lower levels, but it is difficult to say that this is low.
At the time of writing, the price of Bitcoin is trading at around $68,700, down from the previous 24 hours, according to data from CoinMarketCap.
Image taken from Pixabay, chart from Tradingview.com
