Bitcoin (BTC) recently reached an all-time high of $106,000 before experiencing a pullback. It is currently trading at around $98,850, up 125.25% from the equivalent period in 2024. Analysts are optimistic about Bitcoin's future trajectory, although the exact extent of its increase is uncertain. The Rainbow Chart, which uses a logarithmic growth curve to depict investor sentiment based on price levels, suggests that Bitcoin is currently in the lower half of the chart, between the 'BUY!' and 'Accumulate' bands. Even if Bitcoin reaches prices between $110,000 and $150,000, it would still be considered relatively cheap. To be considered overbought, Bitcoin would have to rally to at least $250,000. The previous market cycle did not exhibit the typical euphoria and buying pressure, leading to lower expectations this time around. The analyst predicts an "extreme" and highly comparable market cycle to the one seen between 2014 and 2017.



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