Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target

Quick Summary:

The crypto analyst noted that Bitcoin was still trading in the dark green region on the accompanying Rainbow chart as it struggles to hold on to the $60,000 range.   Related Reading: Dogecoin Price Prediction: Extended Consolidation Or A Break Below/Above?

The analyst also suggested that Bitcoin needs to hold above $60,000 to make a bullish reversal.   Bitcoin Needs To Break Above $60,000 In an X (formerly Twitter) post, Daan Crypto suggested that Bitcoin needs to break above $60,000 to enjoy a bullish reversal and possibly reach new highs in this market cycle.

The crypto analyst suggested it would present an excellent buying opportunity, stating that the blue area has historically been a good accumulation area in higher timeframes.  Bitcoin’s price action has remained tepid since hitting a new all-time high (ATH) of $73,000 in March earlier this year.

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Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Crypto Btc price Analyst Btcusd Bitcoin news Bitcoin price Bitcoin BTCUSDT Bitcoin Btc Crypto analyst Crypto news BTC news

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-09 @ 10:00:28 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 469 words

Reading Time: 3 minutes read

Sentences: 70 lines

Sentence Length: 7 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 22424088

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Main Topics: Crypto

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