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    PENGU token loses 20% in August amid Pudgy Party game launch

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

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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.

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

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    NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

    PENGU token loses 20% in August amid Pudgy Party game launch

    PENGU token loses 20% in August amid Pudgy Party game launch

    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

    What’s Behind the Double-Digit Declines?

    What’s Behind the Double-Digit Declines?

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    Telegram NFT Gifts Hit $57M in Sales as Users Rush In

    NFT sales drop 25% to $134m, CryptoPunks plunge 59%

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    Ethereum Rules With $56.57M Sales, Solana and Polygon Compete

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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    Pudgy Penguins Game ‘Pudgy Party’ Launches on iOS and Android

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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

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

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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

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

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

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

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    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)

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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  Here Are The Most Bullish Predictions For ETH Price As Ethereum Dominance Rises Against Bitcoin

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: 2023's biggest hike impacts the market in this manner

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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