Nov 22, 2022
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RIP Bitcoin Rainbow Price Chart (2014-2022); long live Bitcoin Rainbow Price Chart V2!

Written by pinmin


The original Bitcoin Rainbow Chart is dead! The Bitcoin Rainbow Chart had not been adjusted since 2014 and the blue level marked the bottom in 2015, 2016, 2019, and 2020. But the 2022 bear market proved too strong.

F

So the creator of the Bitcoin Rainbow Price Chart made a new remodeled version. What is new?

  • The Rainbow Chart V2 is based on a completely new formula, fitted with data until 2022
  • The new fit explains every move so far (the old one had a couple of wicks outside the rainbow)
  • But due to the recent events the potential trajectory for the Bitcoin Price is not as bullish as the old one
  • You can now zoom and pan into the chart as you like
  • You can add more years to the rainbow chart

How does it work? Well “We fitted two curves. One that is the best fit for all of Bitcoin highs (red) and one that includes only the lows (blue). The rest we just interpolated. The result is this beautiful rainbow that will hopefully have a brighter future than the old one. As you can see, even in the new model we are in the lowest “Fire Sale” band, so fingers crossed!”

V2!

Will this one hold? Or will it have to be refitted again?

submitted by /u/Beyonderr
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