After surging past $22,000, Bitcoin (BTC) is looking to reclaim new levels and sustain the current bull run. Although Bitcoin has largely traded in the green zone since the start of the year, it remains to be seen if the maiden crypto can extend its gains or if the bull run will be invalidated.
The uncertainty around Bitcoin stems from the fact that the crypto sector has yet to fully recover from the prevailing factors that dominated last year’s bear market. However, Bitcoincenter’s rainbow price chart suggests that Bitcoin’s current bull run may be just beginning, and investors could see the price of BTC continue to rise in the coming months.
As of January 25, the Bitcoin rainbow chart indicates that BTC is in the ‘Buy’ zone after previously consolidating in the ‘Basically a Fire Sale’ area. Notably, the trajectory mirrors a historical trend last observed in March 2020 amid the onset of the pandemic.
Bitcoin Rainbow chart. Source: BlockchainCenter
Notably, investors use the tool to monitor the possible Bitcoin price movement in the future. The indicator deploys color bands that follow a logarithmic regression and reviews historical Bitcoin price performance to provide a potential insight into its long-term movements.
Bitcoin was trading below $6,000 when it exited the ‘Basically a Fire Sale’ in March 2020. The exit triggered a Bitcoin price bottom that pushed the asset to rally toward the 2021 bull run, culminating in BTC hitting an all-time high of almost $69,000.
Bitcoin bearish indicators
Even as the rainbow indicator points to a bullish Bitcoin future, a previous report indicated that the largest crypto by market capitalization’s ongoing rally could face a correction. Specifically, Bitcoin technical analysis suggests the asset could face a potential first-ever death cross scenario that spells bearish fortunes for the crypto.
At the same time, as reported by Finbold, a panel of fintech and crypto specialists maintains that Bitcoin’s value is poised to increase in 2023. The 56 specialists projected that Bitcoin might peak at around $29,095 in 2023 and finish the year at $26,844.
Bitcoin price analysis
Elsewhere, Bitcoin is still attempting to reclaim the $23,000 as the position continues to act as a key resistance level. The asset is currently changing hands at $22,706 with weekly gains of almost 7%.
Bitcoin seven-day price chart. Source: Finbold
In the meantime, Bitcoin is controlling a market cap of $437.78 billion with an overall crypto industry dominance of 42.5%.
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Perhaps what is different from all previous halving cycles is the change in the income structure of miners, which is caused by factors such as the future price space of BTC and the current development status of the Bitcoin ecosystem.
JinseFinanceTaking into account the historical performance patterns before and after the Bitcoin halving and the current better environment, the price of Bitcoin is expected to hit US$60,000 before the halving in 2024, with the full-year range fluctuating between US$32,000 and US$85,000.
JinseFinanceRainbow, a cryptocurrency wallet, made headlines by launching its innovative rewards initiative termed "Rainbow Points." The system involves allocating points to Ethereum users based on their on-chain activities, including wallet balances and usage of decentralised apps and services.
JoyNotable participants include zkSync, Solana, thirdweb, alongside well-known brands such as Google, Manchester United, and Hugo Boss.
SamanthaThe event will double the bitcoin production cost to around $40,000, creating a positive psychological effect, the report said.
CoindeskThe last Bitcoin halving took place on May 11, 2020, and the next bitcoin halving will likely occur in 2024.
CoindeskAs Bitcoin (BTC) drops below $19,000, investors and traders are looking for any kind of input on what awaits the largest token in the future.
FinboldBitcoin’s hashrate is reaching all-time highs, and it’s causing confusion about “the halvening” on Twitter.
CoindeskTraders still anticipate BTC prices above $100,000, but a closer look at the BTC halving cycle chart suggests that a sharper downside move will occur first.
CointelegraphThe $50,000 resistance level seems to be the line in the sand that separates certainty from doubt that Bitcoin has cast off the four-year cycle trend, according to Santiment.
Cointelegraph