Lookonchain: Despite two declines in August, market indicators show that BTC prices are undervalued

Odaily Odaily News According to Lookonchain's recent market analysis on X, five indicators can be used to observe whether Bitcoin has reached the top: 1. The rainbow chart is a long-term valuation tool that uses a logarithmic growth curve to predict the potential price trend of BTC in the future. The new Bitcoin Rainbow2023 chart shows that BTC is still cheap; 2. Relative Strength Index (RSI) chart ≥70: BTC is overbought and may fall soon. ≤30: BTC is oversold and may rise soon. The current RSI is 61.87. Compared with previous data, BTC does not seem to have reached its peak; 3. The 200-week moving average heat map shows that the current price point is blue, which means that the price top has not yet arrived and it is time to hold and buy; 4. Cumulative destruction of currency value days (CVDD), when the BTC price touches the green line, the BTC price is undervalued, indicating that it is a good buying opportunity. The current CVDD shows that the top of BTC does not seem to have arrived yet; 5. The annual moving average multiplier shows that the price of BTC is between the red and green lines. The red line has not been reached yet and the market has not peaked.