If it is asked, “Is it the right time to buy Bitcoin?” not many will agree this digital asset has experienced something really good this month. Though on the first day of the month, the market opened with a comfortable green candlestick, what followed unfortunately was days of consecutive red candlesticks, which brought the price to a monthly low of $54,045 on the 5th day of the month. Now, the price of BTC stands at around $59,382 – far lower compared to the $73,000 peak the asset reached in mid-March.
Is it sensible to hold BTC at this juncture? Certain charts published in X by Lookonchain communicate some valuable insights likely to make a Bitcoin investor rethink his crypto investment strategy for good. Here are those sensational insights on Bitcoin price prediction!
Is Bitcoin Still a Buy? What Expert Think
In the first of a series of posts published in X by Lookonchin in this regard, the expert has recognised the disappointing performance of BTC in this month. He has mentioned about the two crashes the Bitcoin market has experienced this month. He has expressed his hope about the growth of Bitcoin. In order to justify his argument, he has shared at least five indicators in his subsequent posts.
Let’s see what each of these indicates convey.
What Top Crypto Indicators Tell About Bitcoin’s Growth Potential
The Rainbow chart, which uses a logarithmic growth curve to predict Bitcoin’s price direction, shows that BTC is still in a cheap zone. It is an indication that the price of Bitcoin is likely to move up in the future.
The Relative Strength Index chart, which measures the speed and change of the price movements of Bitcoin, indicates that the BTC price has not yet reached an overbought level so there is possibility for more growth in the future. At present, the RSI value of BTC stands at 61.87. It is when the price crosses the 70 per cent mark that it is considered that the price is in an overbought zone.
What the 200 week moving average heatmap chart, which shows the average Bitcoin price over 200 weeks, conveys is that the price of BTC is still low. What we can see in the chat is a blue colour, which is certainly a positive indication for those holding Bitcoin right now.
The Cumulative Value Coin Days Destroyed chart, which analyses the movement of old Bitcoin – those coins that have not been spent for a long time, shows Bitcoin is currently undervalued, because what we see is the price line of Bitcoin touching the greenline in the chart.
The 2-year MA Multiplier chart, which compares the price of Bitcoin to its 2-year moving average, indicates the there is more room for the price of Bitcoin to grow further as at present the BTC price stands between the red and green lines.
In conclusion, as all these five indicators unanimously suggest the same that there is more room for the price of Bitcoin to grow further in future, there is no reason to double the potential of the crypto to grow further.
Also Check Out: Bitcoin Investment in 2024: Still a Smart Move? Experts Speak Out
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