After Mocking the Price Model, Crypto Advocates Discuss Bitcoin's Rainbow Chart Reintegration
On a few occasions last year, crypto advocates discussed how a number of price models, leveraged to help predict the future value of bitcoin, ended up failing. However, since bitcoin’s value has increased by 36% over the last month, the price has entered the darkest band of the rainbow chart after breaking below the rainbow chart’s lowest band at the end of 2022. Bitcoin’s Rainbow Chart Is Making the Rounds Again Last year, specifically in Aug. 2022 and then at the end of the year, the cryptocurrency community discussed the various charts and price models people used to predict where bitcoin’s price was headed next. Over the last decade, a number of the models have followed bitcoin’s specific price patterns pretty closely. People would often leverage charts and models like the rainbow indicator, the golden ratio multiplier, the Fibonacci sequence, logarithmic growth curves, and Plan B’s stock-to-flow (S2F) price model. As the community felt ...