CandleFocus

Bitcoin Rainbow chart predicts BTC price for Jan 1, 2025

Bitcoin's rally towards $100,000 has hit a bump, but sentiment remains bullish. The Bitcoin Rainbow chart, which uses a logarithmic growth curve to gauge investor sentiment, suggests that Bitcoin is currently in the "HODL!" zone, indicating that a move in either direction is possible. The chart also provides insights into price points investors should watch for by January 1, 2025. If Bitcoin falls below $83,198.37, it could present a buying opportunity, while a rally above $113,080.8 may indicate a bubble. The chart also suggests that holding after a rally above $244,673.38 would be unwise. It is worth noting that this analysis used a new version of the chart with range estimates, while the previous version had specific price points.

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