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Bitcoin Price Prediction: The Bitcoin Rainbow Chart indicates that the Bitcoin (BTC) price may have bottomed out. Also, the chart shows that a new rally toward $600,000 could begin.
The leading cryptocurrency Bitcoin continues its hovering in the range of $19,000 to $21,000. The consolidation and the lessening volatility of the Bitcoin price indicates that the price is stabilizing. Also, the Bitcoin rainbow chart shows that the BTC price may have bottomed out.
The Rainbow Chart
The BTC rainbow chart is one of the oldest tools used to look at the long-term price of Bitcoin. It is known for its fun chart image. The chart is called a rainbow because it shows market sentiment with colored bands. These can indicate when traders will buy or sell in different price ranges. According to the cryptocurrency chart, BTC is currently in the blue zone at the bottom of the rainbow and has reached the bottom.
Although the blue zone is known as the point where the fire goes out, it should be remembered that market expectations are not yet in the direction of the bottom price. The fear and greed index is i
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