Big BTC Claim; Bitcoin Could Hit 6-Digit Prices in 2 Years

The 'Bitcoin Rainbow' chart notes that cryptocurrency leader Bitcoin (BTC) could reach a 6-digit price within 2 years.

Moving around $19,000, Bitcoin (BTC) seems to be stabilizing around the region amid the persistent crypto winter. But crypto traders are keeping an eye on price trends for the next step. One of the key charts to help determine the price of Bitcoin is Bitcoincenter's rainbow price chart. The chart reveals that past Bitcoin prices can provide an idea of how the asset could potentially perform in the future. In the long run, if the historical pattern is maintained, the chart explains that Bitcoin could reach a six-figure value of $626,383 by October 9, 2024, when the flagship cryptocurrency will reach the 'Maximum Bubble Zone', represented by the deep red color. This aforementioned chart predicts that the current crypto winter may have bottomed out. Notably, the current BTC price of around $19,500 is rated under the 'Fundamentally Fire Sell' zone, represented in blue. Historically, the last time Bitcoin reached this level was in March 2020, when the asset traded at around $5,000. To summarize, Bitcoin, the cryptocurrency leader, has started a rally that culminated in an all-time high of around $69,000 at the end of 2021. At the start of the uptrend, the rainbow chart also shows that the Bitcoin 'HODL' situation will begin at the end of the year, when the asset is trading at $86,151. It is emphasized that the rainbow chart bands are adjusted over time to better match past performances. Besides, the color bands only follow the logarithmic regression and are not part of the scientific basis. The creators of this Chart emphasize that this is a fun way to look at Bitcoin's potential future performance. Bitcoin has seen some stabilization over the past seven days. At press time, the asset was trading at $19,511, a weekly gain of about 2%. The asset's market capitalization of approximately $374.14 billion has also stabilized, according to CoinMarketCap. The investment information, comments and recommendations in this article are not investment advice. Investment advisory services are provided individually, taking into account the risk and return preferences of individuals. The content contained herein is in no way directive and the recommendations are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!