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Bitcoin Rainbow Chart Predicts Long-Term Trajectory Amid Current Market Volatility

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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.

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