Bitcoin (BTC) hit a new all-time high of $77,000, but according to blockchain analysis platform Lookonchain, the peak of this bull cycle is still to come. The platform identified five major indicators that suggest the market leader may climb higher.
In a series of X (formerly Twitter) posts, Lookonchain explained that it used five indicators to predict Bitcoin’s potential future price movement. These indicators include the Rainbow Chart, the Relative Strength Index (RSI), the 200 Week Moving Average Heatmap, Cumulative Value Coin Days Destroyed (CVDD), and the 2-Year MA Multiplier.
1/ On August 29, we shared 5 indicators that suggested BTC wasn’t at its peak at that time.
Today, $BTC has broken through $77,000, setting a new all-time high!
Let’s take another look at these 5 indicators to see if $BTC is at its peak now.https://t.co/JrjEdgeLFG pic.twitter.com/VeEs87MKzv
— Lookonchain (@lookonchain) November 9, 2024
Five Indicators Point to Further Upside
Lookonchain explained that the new rainbow chart, which uses the logarithmic growth curve to determine BTC’s potential future price direction, indicates that the Bitcoin bull top has not yet arrived. The 200 Week Moving Average Heatmap also supports this prediction.
Additionally, the RSI is around 70, showing that bulls are in control. However, historical data suggests that the BTC top is still ahead. The CVDD indicator also indicates that the top has not been reached.
Bitcoin RSI: Source
Finally, the 2-Year MA Multiplier shows that Bitcoin is between the red and green lines. Lookonchain concluded that because BTC has not touched the red line, the market top has not been reached.
Bitcoin’s Price Surge
According to the data from CoinMarketCap, Bitcoin was trading at $76,556.86 at the time of publication and reached a new all-time high of $77,252.75 around ten hours ago. The market leader is up 0.63% in the past 24 hours and 25.69% in the last 30 days.
Bitcoin’s market cap is at $1.52 trillion, and its trading volume dropped 13.69% to $50.95 billion. In the past year, BTC is up 109.01% and has a significant dominance of 58.2%.