According to Odaily, Lookonchain recently shared insights on the X platform, analyzing various indicators to assess Bitcoin's current market status. Despite Bitcoin reaching an all-time high, several metrics suggest that it has not yet hit the peak of a bull market.
The analysis considered several key indicators, including the Rainbow Chart, Relative Strength Index (RSI), 200-Week Moving Average Heatmap, Cumulative Value Days Destroyed (CVDD), and the 2-Year MA Multiplier. These tools are commonly used to evaluate Bitcoin's market trends and potential future movements.
The Rainbow Chart, a long-term valuation tool, visually represents Bitcoin's price movements over time, indicating potential buying or selling opportunities. Meanwhile, the RSI, a momentum oscillator, measures the speed and change of price movements, helping to identify overbought or oversold conditions. The 200-Week Moving Average Heatmap offers insights into long-term price trends, while the CVDD tracks the cumulative value of coins destroyed, providing a historical perspective on market activity. Lastly, the 2-Year MA Multiplier is used to identify potential market tops and bottoms by comparing the current price to a long-term moving average.
These indicators collectively suggest that while Bitcoin has achieved significant price milestones, it has not yet reached the zenith typically associated with a bull market peak. This analysis provides valuable insights for investors and market watchers, highlighting the importance of considering multiple metrics when evaluating Bitcoin's market position.
