Last Sunday, Donald Trump ignited the Bitcoin community with a historic speech, reviving interest in Bitcoin. At the same time, the price of Bitcoin flirted with $69,000, despite some corrections. But that's not all: indicators show that Bitcoin could well explode again. Let's dive into the details of these exciting developments.
Bitcoin set to soar, analysts say
In the current context, crypto analysts are unanimous: a significant price movement of Bitcoin is imminent. The volatility indicator, known as Bollinger Bandshas reached its tightest point in twelve months.
Matthew Hyland, a renowned analyst, said in a video dated July 31 :
” The time is almost here, probably in a month. »
This means that we could soon see a dramatic rise.
The Bollinger Bands, which measure the dynamics and volatility of an assetreached their third tightest point in history on a weekly scale.
To put this into perspective, the last time that this indicator was also tight, in April 2016 and August 2023, Bitcoin has seen a 20% increase in a few months.
This current compression could therefore herald a new surge in the price of Bitcoin.
Crypto Queen Consolidation: A Ticking Time Bomb
Since last March, Bitcoin has consolidated in a narrow range of 25%, ranging from $73,679 to $55,849. According to Hyland, this period of consolidation is coming to an end.
He explains that ” The longer the consolidation, the greater the expansion that follows. »
This pattern is strangely reminiscent of that of July 2023, which led to a 20% increase.
Indeed, Between July and November 2023, Bitcoin jumped 20%. If history repeats itself, the current price of $63,845 could reach a new all-time high of $76,614 by November.
Hyland believes that it could take a few more weeksbut he is convinced that Bitcoin is about to experience a ” blast “.
- Current Bitcoin: $63,845
- Potential new high: $76,614
- Expected increase: 20%
The weekly Bollinger Bands are currently tighter than the daily bands, which is a strong indicator of future volatility. Kristoph Jeffersfrom Three Jay Partners, is surprised:
” It's crazy that the weekly Bollinger Bands are tighter than the daily bands. »
Bitcoin’s future looks bright, but how far will it go? The next few months will tell. In the meantime, indicators point to a new era of exciting volatility for this iconic cryptocurrency.
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