Bitcoin volatility seems to favor the bulls in the current market cycle. Head of Macro Research at Global Macro Investor (GMI) Julien Bittel identified a bullish pattern for Bitcoin.
#Bitcoin Bollinger Bands are crazy tight by historical standards.
Only two other months in history have we seen the weekly Bollinger Bands so compressed: April 2016 and July 2023.
During both of the previous episodes, Bitcoin prices rose significantly over the following twelve… pic.twitter.com/hBb8d73SGc
— Julien Bittel, CFA (@BittelJulien) July 19, 2024
Bittel believes that Bitcoin can rally up to the $190,000 price level based on signals displayed by its indicators.
BTC has gained 2.7% in the last 24 hours to break above the $65,000 price. BTC trades at $65,639, showing a remarkable recovery from its decline early in July.
Julien Bittel Bullish on Bitcoin’s Performance
According to Julien Bittel, Head of GMI Macro Research, Bitcoin has what it takes to hit six-figure values if the volatility signals follow history.
Bittel noted that the Bollinger Band (BB) indicator is tight based on historical standards. Also, he recalled that only two months in history have witnessed the weekly Bollinger Band so compressed.
These months were April 2016 and July 2023. Bitcoin rallied in the two instances that the Bollinger Band tightened over twelve months. Bittel believes a similar price trend will move Bitcoin to the $140,000-$190,000 range, breaking its all-time high.
Further, he noted that the crypto market was quite sluggish in Q2 of 2024 but still urged his followers not to be complacent since the market is in the boring zone.
The Bollinger Bands are one of the most reliable crypto volatility indicators. Whenever the bands narrow, bullish action is often indicated ahead.
In his BTC forecast last month, Bittel also urged investors to be patient, stating that Bitcoin’s price performance is expected after a halving.
What we’re currently witnessing in terms of Bitcoin price action is fairly typical around the actual halving:
A big pump leading into the halving, followed by a brief but sharp correction, a period of sideways chop, a final dump to nuke any remaining bullish sentiment, another… pic.twitter.com/n25WWI1fYp
— Julien Bittel, CFA (@BittelJulien) June 18, 2024
He identified different phases in the market, including a big pump before the halving, followed by a brief and sharp correction.
According to his analysis, a sideways trend occurs next before a price dip to kill any bullish sentiment. After this phase, another sideways trend begins before Bitcoin rallies again.
Analysts Suggest Possible Bitcoin Rally in September
Bitcoin shows impressive gains on the weekly timeframe, emerging from the bearish trend early this month. Also, investor sentiment in the market has shifted from extreme fear to greed as the accumulation phase continues.
However, some analysts do not believe Bitcoin is ready for a bull run. Seasoned crypto trader Rekt Capital claims that Bitcoin is unprepared to re-test and flip the $65,000 price level to support.
#BTC
Bitcoin is not quite ready just yet for a successful retest of the ~$65,000 level as new support
Bitcoin will need a similar retest like in the not-so-distant past (blue circle) to confirm a break back into the $65,000-$71,500 region$BTC #Crypto #Bitcoin https://t.co/Ct0P7qzTmS pic.twitter.com/HylRSusUTG
— Rekt Capital (@rektcapital) July 17, 2024
He noted that Bitcoin will need a similar re-test of the area of the chart circled in blue to the one it did previously. This re-test will confirm BTC’s entry into the $65,000-$70,000 price range.
Also, Rekt Capital believes that if history repeats itself, Bitcoin will break out from the re-accumulation range by September.
#BTC
If history repeats, a Bitcoin breakout from the Re-Accumulation Range would occur in September 2024$BTC #Crypto #Bitcoin pic.twitter.com/PjhsyNt5kr
— Rekt Capital (@rektcapital) July 18, 2024
Further, CryptoQuant’s CEO, Ki Young Ju, stated that Bitcoin retail investor demand is at a three-year low. Bitcoin’s investor demand calculates the 30-day change in the total transfer volume for transactions below $10,000.
#Bitcoin retail investor demand is at a 3-year low.
It’s measured by the 30-day change in total transfer volume for transactions under $10K.
h/t @AxelAdlerJr pic.twitter.com/GnosvQUa7G
— Ki Young Ju (@ki_young_ju) July 18, 2024
Analyst Willy Woo also shared Young Ju’s concern, noting that the real bull run begins with massive buying volume by retail investors. However, retail investors have yet to record such buying volume.
The real bull run typically begins with massive buying volume driven by retail investors.
And we have not yet seen this volume from retail investors. #BTC #Bitcoin pic.twitter.com/ujaJYSzYTM
— 우민규 (Woominkyu) (@Woo_Minkyu) July 17, 2024
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
Our Editorial Process
The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : TechReport – https://techreport.com/crypto-news/bitcoin-btcs-tight-bollinger-bands-reveal-190000-as-next-possible-price-target/
