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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    CryptoPunks and Pudgy Penguins Draw Major Sales

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

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    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

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    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    Enhancing Security in Online Gambling with Blockchain Technology

    Enhancing Security in Online Gambling with Blockchain Technology

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    Experience to Earn: Everdome's Metaverse Frontier

    Experience to Earn: Everdome’s Metaverse Frontier

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    Council of Europe Highlights Metaverse's Impact on Privacy and Democracy

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    Carrieverse and Disney Ink Content Deal

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    Telegram NFT Gifts Hit $49M in Sales with 322K Wallets Active

    Bored Ape minter finally sells after 92% fall from peak

    Bored Ape minter finally sells after 92% fall from peak

    Cloudflare Accuses Perplexity AI of Using Stealth Crawlers to Evade Website Blocks

    Cloudflare Accuses Perplexity AI of Using Stealth Crawlers to Evade Website Blocks

    CryptoPunks and Pudgy Penguins Draw Major Sales

    CryptoPunks and Pudgy Penguins Draw Major Sales

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

    how NFTs became a global brand and a Web3 “social currency”

    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

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    VitaminAi and WildGo Partner to Unveil Web3 Pinball Game

    Animoca Brands Partnership Unveils Revolutionary Web3 Gaming Future

    Animoca Brands Partnership Unveils Revolutionary Web3 Gaming Future

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    Cracking China’s Blockchain Gaming Market: Why Shrapnel Chose GalaChain

    Shrapnel to Leave Avalanche in New Partnership with Gala Games

    Shrapnel to Leave Avalanche in New Partnership with Gala Games

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    Google to Pit Top AI Models Against Each Other in Live Chess Tournament

    Blockchain Bookmakers: A New Era of Fair and Secure

    Blockchain Bookmakers: A New Era of Fair and Secure

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    LFG Boosts Token Launches with Community Power

    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

  • AI
    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

    ETH Daddy Discusses Ethereum and AI

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    ChatGPT is a tad too enthusiastic about Ethereum’s prospects

    I asked ChatGPT to predict Ethereum’s prospects as billionaire holders accumulate

    UAE emirate launches new free zone for digital assets, Web3 and AI

    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
    What Is Crypto Arbitrage and How to Use It in Trading?

    What Is Crypto Arbitrage and How to Use It in Trading?

    What’s the Difference & Which Is Better to Trade?

    What’s the Difference & Which Is Better to Trade?

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

    Think Your Cold Wallet Is Safe? Not If You Make These 7 Mistakes

    What are Decentralized Autonomous Organizations (DAO)? The Pros, Cons, and Real-World Examples

    What are Decentralized Autonomous Organizations (DAO)? The Pros, Cons, and Real-World Examples

    What Is Copy Trading in Crypto? A Beginner’s Guide

    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

    A Step-by-Step Guide for Risk-Takers

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    How It Works and What to Watch Out For

    How It Works and What to Watch Out For

    Crypto Risk Management Strategies for Trading (2025)

    Crypto Risk Management Strategies for Trading (2025)

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin Rainbow Chart signals ‘BUY’ – But is it the right time?

September 18, 2024
in Bitcoin
25
Bitcoin ETF outflows cross $288M amidst Labor Day’s ‘risk-off mode’
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Avatar

Journalist

Posted: September 18, 2024

  • Bitcoin Rainbow Chart flashed a buy signal for the asset. 
  • QCP Capital shared a similar long-term bullish outlook for BTC.

Bitcoin [BTC]’s price has consolidated between $60K and $70K for over six months, with occasional wild drops below $60K.

Although the sideways structure might discourage some players, the Bitcoin Rainbow Chart signaled a firm ‘buy’ opportunity for the asset amid the Fed pivot.

Bitcoin Rainbow Chart

Source: BM Pro

The chart is a valuation model that leverages rainbow colors and past historical patterns to gauge whether the asset is overpriced or underpriced.

The current price action was within the second color band, signaling a great buy opportunity. 

More room for BTC to grow?

The relatively discounted BTC price was further reinforced by one of the leading market cycle top indicators—the MVRV Z score (Market Value to Realized Value). In past cycles, BTC topped out when the metric hit 7 to 10.

In short, the current reading near 1 suggested more room for BTC prices to rally. If so, current BTC prices can be deemed a massive bargain.  

Bitcoin rainbow chart

Source: BiTBO

Speculators’ positioning further mirrored this bullish outlook, especially in the Futures market. According to Edwards Charles, founder of crypto VC firm Capriole Investments, the markets were in a BTC perpetual bullish regime. 

BTC rainbow chart

Source: X

For context, bullish perpetual (marked green) denoted rising market leverage and opened perpetual contracts.

It meant more speculators were taking extra risks to open perpetual contracts using leverage. It suggests future price rally expectations and has historically marked BTC bottoms. 

However, using market leverage carries massive liquidation risk that could drive volatile downside risk. 

See also  Hut 8 signs four-year deal to manage Celsius Bitcoin mining operations Ionic Digital

That said, Bitcoin analyst Willy Woo claimed he was “cautiously optimistic” because the asset hasn’t decisively flipped to bullish. He said, 

“Current demand and supply is neutral bearish, but signs of moving into a bullish structure if we get some liquidations. Cautiously optimistic” 

BTC rainbow chart

Source: Willy Woo

However, crypto trading firm QCP Capital maintained a long-term bullish outlook for BTC amid Fed pivot. It stated, 

“The start of a rate-cutting cycle aimed at normalizing interest rates supports hard assets as stores of value. While drawdowns and high volatility are expected, don’t let that distract you from the path to higher BTC prices.”

Next: SEC’s crypto regulations are ‘authoritarian whims,’ lawmakers say

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

Avatar

Journalist

Posted: September 18, 2024

  • Bitcoin Rainbow Chart flashed a buy signal for the asset. 
  • QCP Capital shared a similar long-term bullish outlook for BTC.

Bitcoin [BTC]’s price has consolidated between $60K and $70K for over six months, with occasional wild drops below $60K.

Although the sideways structure might discourage some players, the Bitcoin Rainbow Chart signaled a firm ‘buy’ opportunity for the asset amid the Fed pivot.

Bitcoin Rainbow Chart

Source: BM Pro

The chart is a valuation model that leverages rainbow colors and past historical patterns to gauge whether the asset is overpriced or underpriced.

The current price action was within the second color band, signaling a great buy opportunity. 

More room for BTC to grow?

The relatively discounted BTC price was further reinforced by one of the leading market cycle top indicators—the MVRV Z score (Market Value to Realized Value). In past cycles, BTC topped out when the metric hit 7 to 10.

See also  Bitcoin halving fallout: Crypto trading drops 20% in May

In short, the current reading near 1 suggested more room for BTC prices to rally. If so, current BTC prices can be deemed a massive bargain.  

Bitcoin rainbow chart

Source: BiTBO

Speculators’ positioning further mirrored this bullish outlook, especially in the Futures market. According to Edwards Charles, founder of crypto VC firm Capriole Investments, the markets were in a BTC perpetual bullish regime. 

BTC rainbow chart

Source: X

For context, bullish perpetual (marked green) denoted rising market leverage and opened perpetual contracts.

It meant more speculators were taking extra risks to open perpetual contracts using leverage. It suggests future price rally expectations and has historically marked BTC bottoms. 

However, using market leverage carries massive liquidation risk that could drive volatile downside risk. 

That said, Bitcoin analyst Willy Woo claimed he was “cautiously optimistic” because the asset hasn’t decisively flipped to bullish. He said, 

“Current demand and supply is neutral bearish, but signs of moving into a bullish structure if we get some liquidations. Cautiously optimistic” 

BTC rainbow chart

Source: Willy Woo

However, crypto trading firm QCP Capital maintained a long-term bullish outlook for BTC amid Fed pivot. It stated, 

“The start of a rate-cutting cycle aimed at normalizing interest rates supports hard assets as stores of value. While drawdowns and high volatility are expected, don’t let that distract you from the path to higher BTC prices.”

Next: SEC’s crypto regulations are ‘authoritarian whims,’ lawmakers say
Tags: BitcoinbuyChartrainbowSignalsTime

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