Bitcoin Price Prediction 2024: What Does Rainbow Chart Says?

Bitcoin price prediction: BTC price has risen more than 12% since the beginning of June

Bitcoin Price Prediction 2024: A few days ago, the market was full of fear, doom, and gloom due to the SEC's actions against Binance and Coinbase and its declaration of various cryptocurrencies as securities. However, Bitcoin is hovering around the psychological threshold of $30k following bullish developments in the crypto market. The world's largest cryptocurrency has risen more than 12% since the beginning of June. On Wednesday, its price topped $30,000 to hit its highest level since April 14, according to Coinmarketcap data.

The pioneer cryptocurrency, Bitcoin (BTC), opened the year by gaining more than 100% in the first quarter, leading to many cryptocurrency experts tagging 2023 as a bullish year. Although in the second quarter, Bitcoin hasn't replicated the form it did in Q1, many on-chain metrics still show that 2023 is still a bull year. 

Bitcoin price prediction: Rainbow price chart

BlockchainCenter's rainbow price chart – a tool that illustrates the world's biggest cryptocurrency's historical movements about different moving averages (M.A.). 

Per the chart, BTC has just entered the 'Accumulate' phase, which presently stands in the price area between $29,895 and $39,198, data retrieved on June 23 showed.

BTC Price Analysis 

The market made a striking reversal after a bearish week, thanks to the SEC's hounding of certain CEXes and various cryptocurrencies being declared as commodities.  

This seems to be due to the news that Blackrock, the world's largest asset manager, has filed for a Bitcoin Spot ETF. Although many others have tried and been denied, the sentiment is that Blackrock is likely to be successful due to the immense power that they wield.

This has given institutional investors confidence in the market, pushing the price of Bitcoin above $30,000 – a gain of over 17% in the last week.

Following a drop to a three-month low last week, BTC price has rebounded and is currently trading near a one-week high on Monday, showing signs of consolidation. The coin peaked at $30,234.93 during the day, marking its most vital point since April 2023.

This upward movement brought the price close to the $30,000 crucial resistance level. To surpass this point, a breakout is needed. As of now, the RSI stands at 48.93, with traders preparing for the possibility of a breakthrough. If such a breakout occurs, Bitcoin might reach the $31,000 level.

Is it worth investing in Bitcoin?

 While there is always a good time to invest in Bitcoin as it steadily remains the number one cryptocurrency, June presents an excellent opportunity for investors to stack up on BTC. The world's largest asset manager, BlackRock, recently applied to the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin ETF, and experts are almost sure the application would be approved. A spot ETF would make Bitcoin available to institutional investors, and experts predict a massive bull run when this happens.

In addition, regulators are making significant strides toward creating a framework for the crypto industry, which could lead to further institutional activity in Bitcoin. Another reason to invest in Bitcoin this June is that the influence of digital assets has been steadily growing in the global financial market, with most megacorporations now investing or preparing to invest in Bitcoin.