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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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    Enhancing Security in Online Gambling with Blockchain Technology

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    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.

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

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

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

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

    Snoop Dogg’s TON NFT Launch Could Signal New Narrative for NFT Market

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    Taking Back Identity: How MocaChain Decentralizes Digital Power

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    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

    Can Snoop Dogg’s Telegram Drop Revive a Slumping NFT Market?

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    ‘Off the Grid’ Token Hits Solana, More Games Shut Down

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  • Blockchain
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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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

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

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

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    How It Works and What to Watch Out For

    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

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    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

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Home Bitcoin

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

September 18, 2024
in Bitcoin
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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  Bitcoin's history tells us that a spot ETF approval is not without risks

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  Why Michael Saylor wants you to 'Sell your gold, buy Bitcoin'

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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