- Bitcoin has not even reached the “still cheap” section on the Rainbow Chart
- If the last cycle repeats itself, we could see $150k BTC by mid-January
As a seasoned analyst with over two decades of market observation under my belt, I find myself deeply intrigued by the current state of Bitcoin (BTC). The recent surge to an all-time high of $103.7k is reminiscent of the dot-com bubble days, where I saw similar exuberance and frenzy.
On the 5th of December, Bitcoin [BTC] reached an unprecedented peak of $103,700, as per our earlier forecast by AMBCrypto. This significant surge was followed by high market fluctuations, resulting in a correction to approximately $90,500 just a few hours later.
The selection of Bitcoin-friendly Paul Atkins by Trump as potential SEC Chair could potentially drive up the value of Bitcoin. Although Bitcoin has recently experienced growth, it’s possible that this upward trend is just the beginning.
Using the Bitcoin Rainbow Chart to explore the current scenario
Currently, when I’m typing this, the cost of Bitcoin is found within the “buying” or “accumulation” range on the Bitcoin Rainbow Chart. This is heartening information because BTC has recently surpassed the $100,000 mark, a significant psychological milestone.
During the first week of December 2020, the value of Bitcoin had been in an accumulation phase, sitting at approximately $19,000. Fast-forward six weeks, and its price almost doubled, reaching around $36,000, placing it within the “HODL!” yellow zone indicating potential growth or holding on to the investment.
As a crypto investor, I’m hopeful and excited about the potential price growth of Bitcoin, but it’s important to approach predictions with caution. Given past patterns, we might see a significant increase in price. However, considering the more gradual appreciation trend observed over cycles, reaching $200k in the next six weeks could be a bit optimistic.
Read Bitcoin’s [BTC] Price Prediction 2024-25
And yet, it signified the fact that we are still quite early in this bull run.
Potential for extended BTC run
As a researcher, I’m tentatively projecting that within the next six weeks, Bitcoin could trade at approximately $150,000. If we manage to reach the “HODL!” yellow band in March, my prediction is that the price of Bitcoin will surge to around $217,000.
In 2017, the market peaked in December. In 2021, another peak occurred in April which was surpassed in November. It’s possible that the current market cycle might last for an extended period, potentially reaching May 2026 or even beyond.
If this occurs, it means a prolonged upward trend for Bitcoin, as the Rainbow Chart forecasts further price increases in Bitcoin within the next 18 months.
It’s quite probable that Bitcoin hasn’t yet reached its goals for this particular market cycle. Regardless, be prepared for a rollercoaster ride with significant price swings.
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2024-12-07 11:03