A Bitcoin Rainbow Chart shows that the downtrend may be over, and experts are looking at a possible $60,000 price goal for the cryptocurrency. Daan Crypto, a crypto expert, said that Bitcoin needs to break above $60,000 to start a bullish reversal and make new highs in this market cycle.
Daan Crypto wrote on X (formerly Twitter) about how hard it is for Bitcoin to stay near $60,000, where it is now. Bitcoin is still in the dark green area of the Rainbow Chart. Based on past statistics, he said that a drop below $51,000, which he called a good accumulation point, could happen.
Bitcoin Faces Market Uncertainty
Since its all-time high of $73,000 in March, BTC price hasn’t changed much, which has led to fears of a bear market. But Daan Crypto is still hopeful. He thinks that Bitcoin’s recent consolidation might be similar to halving cycles in the past, when the cryptocurrency usually goes up after these events.
Another expert, Rekt Capital, agreed and warned that BTC market cycle could speed up if it doesn’t consolidate. Arthur Hayes, co-founder of BitMEX, also sees a bright future and points to possible macroeconomic factors such as quantitative easing (QE) as reasons for this. Hayes brought up recent comments by Janet Yellen, the U.S. Treasury Secretary.
Yellen suggested a “soft landing” for the U.S. economy, even though job numbers were weak. This could make BTC more liquid.
CoinMarketCap says that the price of BTC is about $54,800 right now, up more than 1% in the last 24 hours.
