On a few occasions last year, crypto advocates discussed how a number of price models, leveraged to help predict the future value of bitcoin, ended up failing. However, since bitcoin’s value has increased by 36% over the last month, the price has entered the darkest band of the rainbow chart after breaking below the rainbow chart’s lowest band at the end of 2022.
The rainbow chart redemption is making the rounds on social media, and some have suggested the entry is a bullish signal, while others have been skeptical. While the indicator shows BTC’s price has been on the rise, a correction could very well be in the cards. Furthermore, while the rainbow chart is in good standing, the logarithmic growth curve chart is way off the map, by a long shot.
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