Bitcoin Price Prediction: Is It Sensible to Hold BTC at This Juncture? Certain Charts Published in Medium by Lookonchain Communicate
- WBOYOriginal
- 2024-08-30 21:12:18666browse
Certain charts published in X by Lookonchain communicate some valuable insights likely to make a Bitcoin investor rethink his crypto investment strategy for good.
Despite Bitcoin’s lackluster performance in August, with two major market crashes, one crypto expert believes the asset’s price could still continue to rise. According to the expert, several key indicators suggest that BTC is still undervalued and has potential for further growth.
Here’s a closer look at the indicators highlighted by the expert:
1. Rainbow Chart: This chart uses a logarithmic growth curve to predict Bitcoin’s price direction. Currently, the chart shows BTC in a “cheap” zone, indicating potential for price appreciation.
2. Relative Strength Index (RSI): The RSI measures the speed and change of Bitcoin’s price movements. A value below 70% is generally considered bullish. Currently, BTC’s RSI is at 61.87, indicating that the price could still continue to rise.
3. 200-Week Moving Average Heatmap: This chart shows the average Bitcoin price over 200 weeks. Currently, the chart shows a blue color, indicating that the price of BTC is still considered low.
4. Cumulative Value Coin Days Destroyed (CVDD): This indicator analyzes the movement of old Bitcoin (coins that have not been spent for a long time). Currently, the price line of Bitcoin is touching the green line in the CVDD chart, indicating that Bitcoin is currently undervalued.
5. 2-Year MA Multiplier: This chart compares the price of Bitcoin to its 2-year moving average. Currently, the BTC price stands between the red and green lines in the 2-Year MA Multiplier chart, indicating that the price could still continue to rise further.
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