Rainbow Chart Analysis: What Does it Reveal?

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Bitcoin Price Prediction: A Bright Outlook for BTC in June 2023

The crypto market has seen some turbulent times recently, with the SEC’s actions against Binance and Coinbase and its declaration of various cryptocurrencies as securities. Despite this, Bitcoin is still going strong and has risen more than 12% since the beginning of June, with its price currently hovering around the psychological threshold of $30k.

At the start of the year, Bitcoin gained more than 100% in the first quarter, leading many cryptocurrency experts to predict a bullish year. While the second quarter hasn’t been as successful, many on-chain metrics still show that 2023 is a bull year.

The Rainbow Price Chart: BTC’s Historical Movements

BlockchainCenter‚Äôs rainbow price chart is a great tool to help investors understand Bitcoin’s historical movements about different moving averages (M.A.). As of 23 June, the chart shows that BTC is in the ‘Accumulate’ phase, which currently stands in the price area between $29,895 and $39,198.

BTC Price Analysis: A Reversal After a Bearish Week

The market has seen a striking reversal after a bearish week, which can largely be attributed to news that Blackrock, the world’s largest asset manager, has filed for a Bitcoin Spot ETF. This has given institutional investors confidence in the market, pushing Bitcoin’s price above $30,000 – a gain of over 17% in the last week.

BTC is now trading near a one-week high on Monday, and if it breaks through the $30,000 crucial resistance level, it could reach the $31,000 mark. The RSI stands at 48.93, and investors are preparing for a possible breakthrough.

June: The Perfect Time to Invest in Bitcoin?

June presents an ideal opportunity for investors to invest in Bitcoin. With Blackrock’s application for a spot Bitcoin ETF likely to be approved and regulators making strides to create a framework for the crypto industry, institutional activity in Bitcoin is likely to increase. In addition, the influence of digital assets is growing in the global financial market, with many megacorporations now investing or preparing to invest in Bitcoin.

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