After mocking the price model, crypto supporters discuss the reintegration of the rainbow diagram of Bitcoin-featured

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In the past year last year, crypto supporters discussed, such as a number of pricing models that served to predict the future value of Bitcoin. However, since the value of Bitcoin rose by 36 % last month, the price entered the darkest band of the rainbow chart after falling under the lowest band of the rainbow chart at the end of 2022.

Bitcoins Rainbow Chart makes the round

Last year, Special in Aug. 2022 and then on end of the year The cryptocurrency community discussed The various diagrams and pricing models with which people predicted where the price of Bitcoin would move next. In the past ten years, some of the models have followed Bitcoin's specific price patterns pretty well. People often used diagrams and models such as the rainbow indicator, the Multiplicer of the golden cut The fibonacci episode, Logarithmic growth curves and plan b Stock-to-flow (s2f) price model.

When the community felt the grip of the crypto winter and the price models could not predict the low point of the Bitcoin price, people began discard the Bitcoin price models and Schämenboginikator like the rainbow diagram. But this week the people noted that the price of bitcoin in the rainbow the lowest and darkest bandwidth has occurred. The rainbow diagram is located on a series of Bitcoin-focused websites that present diagrams and data, including blockchaincenter.net and lookintobitcoin.com .

The diagram of blockchaincenter.net shows that the price of Bitcoin has not broken the darkest and lowest band in the rainbow, but the diagram of lookintobitcoin shows a break. Lookintobitcoin.com summarizes how the rainbow diagram or colored ligaments are overlaid bitcoin ’s logarithmic Growth curve canal. It can signal when buying and when selling, but the website emphasizes, "there is no guarantee that the past Performance fits into the rainbow channel and also affects in the future."

full #bitcoin rainbow price diagram-indicator pic.twitter.com/libuod3Bi4

-crypto-believer (@Cryptosportsio) 17. January 2023

Crypto Twitter War Performing back in the rainbow. "Rainbow price-chart reintegration", Titan of Crypto tweeted . "After a decline under the 'fire sales!' Blue band, [Bitcoin] managed to get back to the rainbow. Did you dare to draw something? [Bitcoin] when it was below?" asked the person. "[Bitcoin’s] Rainbow Chart predicts the future ... It has shown by the history of Bitcoin when to buy and sell. You have to study this thing to really familiarize yourself with Bitcoin's long -term price", another fan of the rainbow diagram wrote .

The rainbow-chart-solving is Make on social media, and some have recommended is a bullish signal, while others were bitcoin The course of is on the rise, a correction could be in sight. In addition, while the rainbow diagram is in good condition, the Diagram of the logarithmic growth curve is far from the map, with far.

What do you think of the effectiveness of the Bitcoin rainbow diagram as a predictive tool? Leave your thoughts in the comments below.

Jamie Redman

Jamie Redman is the news manager at Bitcoin.com News and a Journalist for Financial Technology living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com news about the disruptive protocols that arise today.

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