- Bitcoin hasn’t even reached the ‘still cheap’ section on the Rainbow Chart
- If the last cycle repeats, we could see $150,000 BTC by mid-January
Bitcoin [BTC] reached a new all-time high of $103.7k on December 5, as predicted in a previous AMBCrypto report. This jump followed high volatility and a price correction to $90.5k was observed a few hours later.
Trump’s nomination of pro-crypto Paul Atkins for the spot of chairman of the US Securities and Exchange Commission (SEC) could also have boosted Bitcoin’s price. However, despite these recent gains, the bull run could still be in its early stages.
Use the Bitcoin Rainbow Chart to explore the current scenario
At the time of writing, Bitcoin’s price was still in the ‘accumulation zone’ on the Bitcoin Rainbow Chart. This was encouraging news, as BTC just broke the $100,000 mark, a monumental psychological level.
In the first week of December 2020, the price of Bitcoin was also in the accumulation zone and was valued at $19,000. Six weeks later the price had almost doubled and was trading at $36k, and was within the “HODL!” yellow zone.
Assuming a similar scenario plays out during this cycle, we can expect the price to reach $200,000 in the next six weeks. We have seen the price of Bitcoin rise less explosively throughout the cycles. So an expectation of $200,000 in six weeks may not be realistic.
Read Bitcoin’s [BTC] Price forecast 2024-25
And yet it meant that we are still quite early in this bull run.
Potential for extended BTC run
Even if we take expectations down a notch on the Bitcoin Rainbow Chart, we would expect BTC to be trading at $150,000 in six weeks. Assuming the “HODL!” When the yellow band is reached in March, Bitcoin’s price can be predicted to reach $217,000.
In 2017, the cycle peaked in December. In 2021, a summit was formed in April and defeated in November. The current cycle may take longer to play out, pushing it to May 2026 or even later.
If this happens, it would be bullish in the long term as the Bitcoin Rainbow Chart predicted even higher prices for Bitcoin over the next 18 months.
One thing that investors can conclude is very likely: Bitcoin is still a long way from this cycle’s targets. Either way, expect it to be a very volatile journey.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer