The Bitcoin Rainbow chart shows that bitcoin has started a growth phase

Cryptocurrency experts have stated that BTC $66,105.35 Bitcoin -1.35% Market capitalization $1.3 trillion VOL. 24 hours $1.75 billion has started a growth phase. They came to this conclusion after analyzing the Bitcoin Rainbow price chart, which is used to determine the possible dynamics of bitcoin’s value.

The rainbow chart shows that the growth of the market leader is just beginning, and in the coming months, investors will see a doubling of its value. As of January 25, the Bitcoin Rainbow indicated that BTC was in the Buy zone after a previous consolidation in the Fire Sale zone. The trajectory reflects a historical trend that was last seen in March 2020.

According to analysts, the Bitcoin Rainbow indicators show that the current crypto winter has already reached the bottom. Experts talked about this in early October 2022, when it was believed that BTC had a good chance of rising to $ 626,383 in 2 years. However, industry experts are currently refraining from making such forecasts.

According to the TradingView analytical platform, the flagship cryptocurrency continues to grow, preparing to rise to $ 25,000 in the near future. Over the past 7 days, bitcoin has grown by 10.8%, reaching a market capitalization of $ 442 billion. According to TradingView analysts, if the price of BTC fails to overcome the resistance of $ 23,400, another downward correction will begin.