The Original Bitcoin Rainbow Chart was replaced last year after 8 years by version 2 because the price dropped below the lowest band. Fun fact: The Original Chart recovered, as the price is now back in the “Basically a Fire Sale” band because of the recent pump
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The (history of the) Original Bitcoin Rainbow ChartThe Original Bitcoin Rainbow Chart is one of the most famous charts in crypto. It uses a simple logarithmic growth curve to forecast the potential future price direction of Bitcoin. The original chart was made in 2014 as a meme in response to PlanB's S2F model. It was adjusted once in 2014 but then not adjusted anymore (despite popular belief). For many years, the Original Bitcoin Rainbow Chart had done a great job identifying good moments to buy. The 'Basically a Fire Sale' held and marked the bottom in 2015, 2016, 2019, 2020. The same thing looked to be happening again in 2022, but then the 2022 bear market proved to be too strong. During the fall of FTX, the price broke through the Basically a Fire Sale Band. The Original Bitcoin Rainbow Chart, just before it was retired RIP Original Bitcoin Rainbow Chart; welcome Version 2!Because the price broke through the floor of the Original Bitcoin Rainbow Chart, the creator of the Bitcoin Rainbow Chart retired the Original version and made a new remodeled version, version 2. The Rainbow Chart V2 was based on a completely new formula, fitted with data until 2022. In this version, we are currently in the "BUY!" level. Version 2 now looks like this. Fun fact: The Original Bitcoin Rainbow Chart recovered!But, if we go back to the website of the Original Bitcoin Rainbow Chart, we can see that the recent pump helped the price to go back into the Basically a Fire Sale band. Is it now time for the Original Original Bitcoin Rainbow Chart? The Original Bitcoin Rainbow Chart, now back in Basically a Fire Sale band A zoomed in perspective: Everyone's favorite chart is back again! Are you on Team Original or Team V2? submitted by /u/Beyonderr |
