bitcoin prices are firm and stable above $60,000 despite the very high selling pressure that caused it to lose double digits from all-time highs. Despite the current development, one analyst, @el_crypto_prof, is optimistic and predicts a welcome price increase based on the development of the BBWP indicator.
The signal flashes blue, is it time to buy bitcoin?
Taking x, the analyst twitter.com/el_crypto_prof/status/1790667135154303121″ target=”_blank” rel=”noopener nofollow”>noted that the BBWP indicator had printed a “blue bar” on the daily chart. Looking back, this suggests that prices could be preparing for a sharp rise in the coming weeks.
Confidence is high because prices rose the last time a “blue bar” was printed. This sign has been printed twice before. The first time was in October 2023 and January 2024. The last printed signal in January was the basis for btc to skyrocket above the 2021 highs of around $70,000. As mentioned above, btc prices increased by approximately 80% in both cases.
Beyond this, the analyst also noted that the uptrend line remains intact, further reinforcing the bullish outlook. For this reason, the trader remains bullish and says that there is a chance of btc shooting above immediate settlement levels to $100,000.
Still, btc is not guaranteed to recover, aligning with historical performance. Technical indicators like the BBWP tend to lag, relying on “past” price actions to print signals. In the case of BBWP, volatility is derived from past price action generated by the popular Bollinger Bands (BB).
btc bulls failed to take control, driving prices higher, like in the first quarter of 2024. Market-wide factors such as slowing bullish momentum have been considered.
CEO expects btc to catch up, Vanguard hires new executive
Mike Novogratz, CEO of Galaxy Digital, is not optimistic. Talking about Galaxy Digital's Q1 2024 bitcoin-to-trade-between-55-000-to-75-000-in-quarter” target=”_blank” rel=”noopener nofollow”>earnings call, the CEO believes that prices will continue to consolidate, ranging between $55,000 and $75,000 in the coming weeks. According to Novogratz's estimate, btc could record a conclusive breakout by June 2023, or by the end of the second quarter of 2024.
The CEO also added that declining inflows through spot exchange-traded funds (ETFs) should not be a concern. Overall, there appears to be broader adoption among institutions, massive support for the coin and the sector.
The comments came with news that Vanguard, an asset manager, fixed Salim Ramji, former BlackRock executive. The community says Ramji is a bitcoin supporter and oversaw the launch of BlackRock's IBIT earlier this year.
Ramji replaces Tim Buckley, a btc critic. Still, it remains to be seen whether Vanguard will reconsider its position on btc and even initiate plans to issue spot bitcoin ETFs like BlackRock or Fidelity.
Featured image from Canva, TradingView chart
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