bitcoin may be hovering below its all-time highs, but analysts are turning bullish based on a rare chart formation. Moving on to x, the analyst noted that btc closed two consecutive months above the upper Bollinger Band on the monthly chart.
Rare Bollinger Band Signal Prints: btc at $140,000?
the analyst twitter.com/TechDev_52/status/1776964413603332417″ target=”_blank” rel=”nofollow”>saying that historically, when bitcoin closes two consecutive months above the upper Bollinger Band on the monthly chart, prices tend to double in three months. If this pattern holds, bitcoin will rise to over $140,000 in July 2024, just three months after the bitcoin halving event.
bitcoin is trading below $73,800, the all-time high recorded in March 2024. However, after weeks of lower lows, the strong recovery on April 8 suggests buyers could be returning. At the time of this publication, the coin is changing hands above $71,800, convincingly surpassing the liquidation level of around $72,000.
Despite the bullish breakout, it remains to be seen if the uptrend continues. It is noteworthy that btc prices tend to collapse before the Halving, which will take place in the coming weeks, falling by up to 20%. btc fell after reaching a high of $73,800, falling to around the $60,000 level before returning to current levels.
A refreshing close above $74,000 could form the basis for even more gains in the coming days, perhaps towards $100,000 in the coming weeks.
another analyst twitter.com/CryptoMoon2030/status/1776972667444146402″ target=”_blank” rel=”nofollow”>suggests that bitcoin could rise to $140,000 in four weeks, especially if it follows a similar price pattern to December 2020. After surpassing the 2017 high of $20,000, bitcoin continued to rise, peaking around $70,000 for an increase of almost 3 times.
Currently, buyers are eyeing the $74,000 mark and the all-time high. If this level is broken, as it was at the end of 2020, the possibility of bitcoin at least doubling to $140,000 becomes more likely.
Will Halving, Macroeconomic Factors, and Spot ETFs Drive Prices?
The current bullish sentiment could continue. Possible drivers include interest in spot bitcoin exchange-traded funds (ETFs). So far, billions have been funneled into these products, driving up demand and therefore prices. The upcoming halving event could further boost demand, driving prices even higher in the coming months.
Beyond bitcoin-driven fundamentals, analysts also analyze market developments, especially in the United States. Some speculate that the US Federal Reserve (Fed) may not cut interest rates at least three times this year as labor conditions become firmer and inflation slows.
If the Federal Reserve cuts interest rates, reversing its hawkish outlook, btc could lead an uptrend in other safe havens.
Featured image of DALLE, TradingView chart
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
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