BlockBeats News, May 26th, lookonchain published an analysis stating that last week Bitcoin's price hit an all-time high, using the following four indicators to analyze whether Bitcoin is currently at its peak:
· Rainbow Chart:
The latest 2023 Bitcoin Rainbow Chart indicates that BTC is still a hodl, with the top of this cycle expected to exceed $200,000.
· Relative Strength Index (RSI) Chart:
RSI ≥ 70: Bitcoin is in overbought territory, likely to drop soon; RSI ≤ 30: Bitcoin is in oversold territory, likely to rise soon.
The current RSI is 71.35, and compared to historical data, $BTC does not appear to have peaked yet.
· 200-Week Moving Average Heatmap:
The 200-week moving average heatmap shows the current price point in blue, indicating that the price has not reached the top yet, making it a good time to hodl or buy.
· 2-Year MA Multiplier
The 2-Year Moving Average Multiplier shows that the BTC price is between the red and green lines, not yet touching the red line, indicating the market has not reached its peak.
Summary: Based on the analysis of the four indicators above, BTC has not yet reached the peak of this cycle, and the price still has room to rise, making it suitable to continue holding or buying.
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