Key metrics, including the 2023 Rainbow Chart, RSI levels, and the 200-week Moving Average Heatmap, signal that Bitcoin is far from its peak.
Data from CryptoQuant shows that long-term holders are capitalizing on recent price dips to accumulate more BTC.
Bitcoin (BTC) price is once again showing strength and holding firmly above $110,000, with bulls looking for a further push to new all-time high and price discovery zones. The BTC community is also buzzing with activity amid reports of Trump media raising over $3 billion to fund their Bitcoin purchases.
But apart from these momentary catalysts and news, on-chain indicators highlight fundamental strength in BTC at this point, clearly indicating that we are still not at the peak of the current bullish cycle.
1. Bitcoin Price Can Hit $200K This Cycle As Per This Rainbow Chart
The $200,000 target is derived from the 2023 iteration of the Rainbow Chart, a long-term valuation model that uses a logarithmic growth curve to project Bitco
