The post Bitcoin Price Prediction 2024: Rainbow Chart Projects BTC Price Forecast appeared first on Coinpedia Fintech News

Bitcoin, the popular cryptocurrency, has once again surged past the $30,000 mark, sparking optimism among investors. People are now eagerly looking ahead to see where Bitcoin’s journey will take it in the coming years. To gain insights, let’s explore the fascinating rainbow price chart.

Charting Bitcoin’s Future: Bullish or Bearish Scenarios? 

The Bitcoin rainbow chart, created by BlockchainCenter, helps us understand Bitcoin’s historical movements. Currently, Bitcoin is in the “Accumulate” phase, where its price ranges between $29,895 and $39,198. But what does the future hold? Let’s take a peek into 2024.

The rainbow chart offers potential scenarios for January 1, 2024. One possibility is the “Maximum Bubble Territory,” represented by a red color. In this exciting domain, Bitcoin could reach impressive heights, with prices ranging from $180,467 to $245,226. On the other end, the darkest blue represents a more cautious outlook, with prices ranging from $20,056 to $26,152.

On the other hand, if you look back at 2017, Bitcoin experienced a similar journey. It surged from the “Accumulate” phase in May to reach the exhilarating “Maximum Bubble Territory” in December. This was followed by a slight decline in early 2018. History might repeat itself, leaving Bitcoin enthusiasts wondering if it will surprise us again with its upward momentum.

BTC Price Analysis

However, at present, Bitcoin is trading around $30,019, experiencing a small dip of 0.19% for the day. But, recent weeks have shown a significant surge of over 17%, and its year-to-date performance is an impressive recovery of 80% from the challenging period in 2022.

Intriguingly, Bitcoin whales, referring to investors holding between 1,000 and 10,000 BTC, have been accumulating more of the cryptocurrency. Over the past 11 weeks, they acquired a total of 131,600 BTC, indicating growing belief in Bitcoin’s potential.