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- Bitcoin’s current price trends and valuation models indicate that the bull market remains strong and has not reached its zenith.
- Current valuation tools suggest further growth potential for Bitcoin, even after a short-term price correction.
- Indicators like the Bitcoin Price Rainbow Chart and 2-Year Multiplier continue to support a bullish outlook for BTC.
Explore the latest insights on Bitcoin’s enduring bull run, backed by key valuation tools and expert analysis.
Bitcoin Continues Its Bullish Momentum
Despite briefly touching an all-time high of $74,000, Bitcoin (BTC) has faced downward pressure, trading 10% below its June peak. On June 14, 2024, BTC experienced an added decline of 1.26%, bringing the price just under $66,000. Nevertheless, long-term tools show the bullish trend is far from over.
Bitcoin Bull Run Persists
Throughout the second quarter of 2024, Bitcoin has experienced a 5% decrease in value, significantly affected by miner capitulation and anticipation of the upcoming halving event. However, on-chain data, particularly from Lookonchain, reinforces the notion that Bitcoin’s bull run is still intact.
Specific tools like the Bitcoin Price Rainbow Chart use logarithmic growth curves to predict price trends, indicating it’s a favorable period to buy BTC now. The Relative Strength Index (RSI), currently at 69.9, supports that Bitcoin hasn’t yet peaked.
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Key Indicators Signal Further Growth
Other important indicators include the 200-Week Moving Average, which remains in the blue zone, signaling that Bitcoin’s current price hasn’t reached its peak. The Cumulative Value Coin Days Destroyed (CVDD) also suggests that BTC is still undervalued and a promising buy opportunity exists.
The 2-Year Multiplier indicator adds to this bullish sentiment, showcasing that Bitcoin’s price is still between the critical red and green lines, far from touching the top threshold.
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Price Levels to Monitor
In recent days, notable Bitcoin whales have offloaded 50,000 BTC, amounting to $3.0 billion, indicating critical price levels to watch. Analyst Ali Martinez pinpoints $66,254 as a crucial level for Bitcoin to hold, failing which it may drop to $61,000.
Additionally, according to CryptQuant CEO Ki Young Ju, the average entry price for Bitcoin traders is $47,000. As long as the BTC price remains above this marker, the market outlook stays bullish, even with a potential 27% decline. Investors are advised to maintain a long-term optimistic view while being wary of taking on excessive risks.
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Conclusion
To summarize, multiple valuation tools and expert analyses suggest that Bitcoin’s bull market remains robust, with significant growth potential ahead. Investors should monitor key price levels and keep an eye on long-term indicators to make informed decisions.
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