William Suberg1 hour agoBitcoin "crazy tight" Bollinger Bands point to $190K BTC price targetBitcoin volatility cues have only been so skewed in bulls" favor twice in its history, analysis of the weekly BTC price chart concludes.1125 Total views29 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) should rise “significantly” as intense volatility prepares to hit, new analysis predicts.
In a post on X on July 19, Julien Bittel, head of macro research at financial advisory publication Global Macro Investor, eyed a BTC price of up to $190,000."Compressed" Bollinger Bands ignite talk of 6-figure BTC price
Bitcoin has the fuel to launch to six-figure all-time highs if volatility signals play out like in the past.
According to Bittel, the current “crazy” state of the Bollinger Bands volatility indicator demands that BTC/USD rockets higher.
“Bollinger Bands are crazy tight by historical standards,” he summarized.“Only two other months in history have we seen the weekly Bollinger Bands so compressed: April 2016 and July 2023.”Bitcoin Bollinger Bands width. Source: Julien Bittel/X
Bollinger Bands form one of the most essential crypto volatility indicators and also offer insight into the strength of price trends.
On weekly timeframes, the gap between the upper and lower band has rarely been narrower. What traditionally comes next has always been good news for bulls.
“During both of the previous episodes, Bitcoin prices rose significantly over the following twelve months,” Bittel continued.“A similar move this time around would target Bitcoin within a range of $140,000 to $190,000.”BTC/USD 1-week chart with Bollinger Bands, Bollinger Bands width. Source: TradingView
It is not the first time this bull market that the Bands have pointed to major BTC price upside. As Cointelegraph reported, in late 2023, constriction precluded the run to local highs just before the launch of the United States spot Bitcoin exchange-traded funds (ETFs).
Last month, Bittel made similar forecasts about what the future might have in store for Bitcoin, calling for “patience” amid the bull market’s deepest price drawdown.History suggests September Bitcoin breakout
At around $64,000 on July 19, per data from Cointelegraph Markets Pro and TradingView, BTC/USD is up 11% over the past week.
Related: Bitcoin ETFs have 4-8X more BTC price influence than miners — Research
While trader confidence is returning and price metrics demand that the bull market continues, not everyone is convinced that the time is right.
A lack of mainstream retail investor interest is a notable element missing from the regular bull market landscape, something which contrasts with the accumulation behavior seen from institutions and whales.
Comparing bullish price cycles past and present, popular trader Rekt Capital suggested that September would be the make or break moment for Bitcoin’s comeback.
“If history repeats, a Bitcoin breakout from the Re-Accumulation Range would occur in September 2024,” he told X followers this week.BTC/USD comparison. Source: Rekt Capital/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# PredictionsAdd reaction