Bitcoin Rainbow Chart Predicts Long-Term Trajectory Amid Current Market Volatility
The Bitcoin Rainbow Chart, a long-term valuation model for BTC, suggests that the cryptocurrency remains below its historical trend valuation as October begins.
Despite failing to reclaim the $90,000 level, which could have opened the door to six-figure valuations, Bitcoin is currently trading at $84,584.
The chart's October 31 valuation bands sit well above Bitcoin's current price, with the highest 'Maximum Bubble Territory' zone at $1.36 million, associated with extreme market euphoria and cycle tops.