{"id":640645,"date":"2024-09-09T10:00:28","date_gmt":"2024-09-09T10:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=640645"},"modified":"2024-09-09T09:35:56","modified_gmt":"2024-09-09T09:35:56","slug":"bitcoin-rainbow-60000-target","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-rainbow-60000-target\/","title":{"rendered":"Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target"},"content":{"rendered":"

Crypto analyst Daan Crypto<\/span><\/a> has highlighted a Bitcoin Rainbow Chart, which has provided insights into the crypto\u2019s current price action. The analyst also suggested that Bitcoin needs to hold <\/span>above $60,000<\/span><\/a> to make a bullish reversal.\u00a0\u00a0<\/span><\/p>\n

Bitcoin Needs To Break Above $60,000<\/h2>\n

In an X (formerly Twitter) <\/span>post<\/span><\/a>, Daan Crypto suggested that Bitcoin needs to break above $60,000 to enjoy a bullish reversal and possibly reach new highs in this <\/span>market cycle<\/span><\/a>. The crypto analyst noted that Bitcoin was still trading in the dark green region on the accompanying <\/span>Rainbow chart<\/span><\/a> as it struggles to hold on to the $60,000 range.\u00a0\u00a0<\/span><\/p>\n

Related Reading: Dogecoin Price Prediction: Extended Consolidation Or A Break Below\/Above?<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Meanwhile, as Bitcoin struggles to break above $60,000, Daan Crypto raised the possibility of the leading crypto dropping below $51,000, the blue area on the Rainbow chart. The crypto analyst suggested it would present an <\/span>excellent buying opportunity<\/span><\/a>, stating that the blue area has historically been a good accumulation area in higher timeframes.\u00a0<\/span><\/p>\n

Bitcoin\u2019s price action has remained tepid since hitting a <\/span>new all-time high (ATH)<\/span><\/a> of $73,000 in March earlier this year. This has raised concerns that the bull market might be over and that the crypto market is slowly entering a bear market. However,\u00a0 Daan Crypto has provided some reassurance that the best is still yet to come for Bitcoin.\u00a0<\/span><\/p>\n

In another <\/span>X post<\/span><\/a>, the crypto analyst stated that he doesn\u2019t feel like the past six months are that odd despite Bitcoin\u2019s price action. He noted that this cycle is like no other, as he provided insights into a plausible reason why the leading crypto\u2019s price has remained stagnant since March. Bitcoin hit a new ATH before the <\/span>halving event<\/span><\/a> in April, which has never happened before.\u00a0<\/span><\/p>\n

In line with this, Daan Crypto stated that Bitcoin is technically still ahead of where it would have been in previous cycles. This suggests that the crypto has stalled to consolidate and resynchronize with previous halving cycles. Crypto analyst Rekt Capital once <\/span>echoed<\/span><\/a> a similar sentiment while warning that Bitcoin\u2019s failure to consolidate would lead to an accelerated cycle.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

More Liquidity Will Soon Flow Into BTC<\/h2>\n

Arthur Hayes<\/span><\/a>, the co-founder of the BitMEX crypto exchange, <\/span>recently stated<\/span><\/a> that he anticipates more liquidity to flow into Bitcoin. As such, he predicts that Bitcoin \u201cmight\u201d rise if things continue to play out the way he expects. Hayes\u2019 bullish prediction stems from his outlook on the macroeconomic side.\u00a0<\/span><\/p>\n

Related Reading: XRP Price To $100: Why Has It Not Hit This Price Yet?<\/a><\/div>\n

He noted that <\/span>Janet Yellen<\/span><\/a>, the US Treasury Secretary, released a statement over the weekend in which she maintained that the US economy is heading towards a soft landing despite the recent weak job reports. Therefore, the crypto market is expected to recover if Yellen and the US Federal Reserve work towards <\/span>quantitative easing (QE)<\/span><\/a>.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $54,800, up over 1% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.<\/span><\/p>\n

\"Bitcoin
BTC price makes a play for $55,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto analyst Daan Crypto has highlighted a Bitcoin Rainbow Chart, which has provided insights into the crypto\u2019s current price action. The analyst also suggested that Bitcoin needs to hold above $60,000 to make a bullish reversal.\u00a0\u00a0 Bitcoin Needs To Break Above $60,000 In an X (formerly Twitter) post, Daan Crypto suggested that Bitcoin needs to break above $60,000 to enjoy a bullish reversal and possibly reach new highs in this market cycle. The crypto analyst noted that Bitcoin was still trading in the dark green region on the accompanying Rainbow chart as it struggles to hold on to the $60,000 range.\u00a0\u00a0 Related Reading: Dogecoin Price Prediction: Extended Consolidation Or A Break Below\/Above? Meanwhile, as Bitcoin struggles to break above $60,000, Daan Crypto raised the possibility of the leading crypto dropping below $51,000, the blue area on the Rainbow chart. The crypto analyst suggested it would present an excellent buying opportunity, stating that the blue area has historically been a good accumulation area in higher timeframes.\u00a0 Bitcoin\u2019s price action has remained tepid since hitting a new all-time high (ATH) of $73,000 in March earlier this year. This has raised concerns that the bull market might be over and that the crypto market is slowly entering a bear market. However,\u00a0 Daan Crypto has provided some reassurance that the best is still yet to come for Bitcoin.\u00a0 In another X post, the crypto analyst stated that he doesn\u2019t feel like the past six months are that odd despite Bitcoin\u2019s price action. He noted that this cycle is like no other, as he provided insights into a plausible reason why the leading crypto\u2019s price has remained stagnant since March. Bitcoin hit a new ATH before the halving event in April, which has never happened before.\u00a0 In line with this, Daan Crypto stated that Bitcoin is technically still ahead of where it would have been in previous cycles. This suggests that the crypto has stalled to consolidate and resynchronize with previous halving cycles. Crypto analyst Rekt Capital once echoed a similar sentiment while warning that Bitcoin\u2019s failure to consolidate would lead to an accelerated cycle.\u00a0 More Liquidity Will Soon Flow Into BTC Arthur Hayes, the co-founder of the BitMEX crypto exchange, recently stated that he anticipates more liquidity to flow into Bitcoin. As such, he predicts that Bitcoin \u201cmight\u201d rise if things continue to play out the way he expects. Hayes\u2019 bullish prediction stems from his outlook on the macroeconomic side.\u00a0 Related Reading: XRP Price To $100: Why Has It Not Hit This Price Yet? He noted that Janet Yellen, the US Treasury Secretary, released a statement over the weekend in which she maintained that the US economy is heading towards a soft landing despite the recent weak job reports. Therefore, the crypto market is expected to recover if Yellen and the US Federal Reserve work towards quantitative easing (QE).\u00a0 At the time of writing, Bitcoin is trading at around $54,800, up over 1% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":640670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-640645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target<\/title>\n<meta name=\"description\" content=\"Crypto analyst Daan Crypto has highlighted a Bitcoin Rainbow Chart, which has provided insights into the crypto\u2019s 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target","url":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-rainbow-60000-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-rainbow-60000-target\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin-rainbow.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin-rainbow.jpeg?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news"],"dateCreated":"2024-09-09T10:00:28Z","datePublished":"2024-09-09T10:00:28Z","dateModified":"2024-09-09T10:00:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-rainbow-60000-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin\\\/bitcoin-rainbow-60000-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-rainbow.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/Bitcoin-rainbow.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\"],\"dateCreated\":\"2024-09-09T10:00:28Z\",\"datePublished\":\"2024-09-09T10:00:28Z\",\"dateModified\":\"2024-09-09T10:00:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/Bitcoin-rainbow.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/640645"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=640645"}],"version-history":[{"count":1,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/640645\/revisions"}],"predecessor-version":[{"id":640671,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/640645\/revisions\/640671"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/640670"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=640645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=640645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=640645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}