With Bitcoin (BTC) on track to end June above the $100,000 mark, the Rainbow Chart is projecting that the asset will likely sustain this level heading into July.
This outlook follows a resurgence in bullish momentum as geopolitical tensions between Israel and Iran appear to have eased.
Earlier, Bitcoin faced the threat of dropping further below $100,000 after the United States launched an attack on Iran’s nuclear facilities. The cooling of hostilities has since helped stabilize investor sentiment.
Bitcoin price prediction for July 1
The Rainbow Chart, which is based on a logarithmic regression model, visually maps Bitcoin’s price into color-coded bands. These bands represent different phases of market sentiment, ranging from extreme fear to speculative euphoria.
As of today, Bitcoin is trading at around $106,000, placing it just above the “BUY!” zone and slightly below the “Accumulate” band. This suggests that, in the context of historical trends, the asset is still undervalued and remains in a favorable zone for long-term investors looking to build or expand their positions.
According to the chart’s forecast, Bitcoin would fall into “Fire sale!” territory if it dropped below $69,763 on July 1. Prices between that level and $94,821 are labeled “BUY!,” indicating historically undervalued conditions.
The range from $94,821 to $130,171 marks the “Accumulate” zone, where investors are encouraged to build positions.
Above this lies a progression of bands, from “Still cheap” and “HOLD,” to more speculative territory like “Is this a bubble?”, “FOMO intensifies,” “Sell. Seriously, sell!” and finally, “Maximum bubble territory,” which begins at $602,453 and stretches to $819,513.
Given current levels and assuming relative price stability or a slight upside, Bitcoin appears poised to remain within the “BUY!” and “Accumulate” ranges heading into July.
Bitcoin price analysis
At press time, Bitcoin was trading at $106,461, having gained over 1% in the past 24 hours. On the weekly chart, it has posted modest gains of 0.4%.
Crucially, Bitcoin has found a strong footing at the $105,000 support level, which now serves as a key foundation for helping the asset maintain and build upon its position above $100,000.
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