Will Bitcoins Rainbow Chart Set a Target of 288000 for BTC Will There Be a Significant Increase in the Future

Coin World Report:
As of the time of writing, Bitcoin is still in the accumulation zone.
Long-term investors have ample reasons to be excited about the price performance of this cycle.
Bitcoin (BTC)
is once again on the rise. Despite the bearish weekly structure still in place, its breakout from the downtrend channel has given some hope to the bulls.
“Super Signal”
It has recently flashed and is seen as a strong bullish signal.
Data from Farside Investors shows a significant inflow of Bitcoin spot ETFs last week. Through these positive developments, the price of BTC has remained below $70,000.
Bitcoin Rainbow Chart Strongly Advocates Buying
The Bitcoin Rainbow Chart is an interesting way to view the price trends of the cryptocurrency king in different cycles. It serves as a tool to assess the current long-term deviation and potentially predict the top of the next cycle.
The chart uses a logarithmic scale to represent different price ranges of BTC and quickly assess whether it is a good time to buy.
Surprisingly, despite Bitcoin being less than 10% below its all-time high (ATH), the Bitcoin Rainbow Chart still shows that it is in the “buy!” zone. The risk is low when buying, and investors’ mindset should be HODL.
In the previous cycle, Bitcoin reached a new ATH and experienced a significant drop about 336 days after the halving date. Approximately 18 months later, it reached a new ATH.
If a similar scenario occurs in this cycle, Bitcoin will reach a peak of $288,000 in March 2025 and be in the “Is this a bubble?” zone.
Take a close look at the weekly chart
The results of the Bitcoin Rainbow Chart are very optimistic. Bulls just need to hold on for another 6-9 months.
Read
Bitcoin (BTC) Price Predictions
2024-25
Technical analysis of the weekly chart shows a breakout from the downtrend channel and subsequent price targets.
$82,000 and $955,000 are the objectives of this move. The price has retraced to the 61.8% Fibonacci retracement level. Breaking a series of lower highs starting from $70,000 would be a good first step.