bitcoin is in an uptrend, but events on the daily chart show pockets of weakness. Although btc is stagnant, analysts are optimistic and expect prices to rise in the coming days.
Is bitcoin Ready to Go Higher? Analyst Says Bulls Are Targeting $140,000
As for x, one analyst hasx.com/BittelJulien/status/1814181786345496825″ target=”_blank” rel=”nofollow”> collected An unusual development: On the weekly chart, bitcoin's Bollinger Bands (BB) are currently at their tightest level ever. In addition to the events of April 2016 and July 2023, bitcoin's BBs are narrowing, forming a narrowing.
Related reading
Since BB is a technical indicator used to measure underlying volatility, what is happening? now This should draw traders' attention. In particular, prices tend to break out in the next few sessions when BB forms a stranglehold, compressing to the current level.
However, traders should also be aware that the direction of the breakout can be in either direction. In the past, bitcoin prices have gone higher. To illustrate, after the BB squeeze in July, the coin continued to rise in the following months, surpassing $70,000 in March before the coin surged to $73,800.
If past guidance, and indeed prices, explode at the end of this crisis, the analyst predicts that bitcoin will fly to $140,000 and even $190,000 in the coming months.
The expansion would be a welcome boost for bulls, considering that prices are now in what the analyst described as a “boring zone.”
Any rally above $73,800 and all-time highs, pushing btc to six-digit levels, would automatically be in the “banana zone.”
Spot btc ETF issuers go on a buying spree, get backing from Donald Trump
Confidence that bitcoin will rise quickly is also due to fundamental factors. Despite the current price calm After a refreshing surge earlier this week, bitcoin spot ETF issuers are buying.
BlackRock is leading the buying spree. Records show that the asset manager bought more than $1 billion worth of btc in July.
On July 18, an observer x.com/thomas_fahrer/status/1814084775436796109″ target=”_blank” rel=”nofollow”>noted who purchased 18,600 btc, or $107 million worth of coins, on behalf of their clients. According to btc-spot” target=”_blank” rel=”nofollow”>Bland ValueAs of July 19, BlackRock's IBIT manages over $20 billion worth of btc.
Related reading
Adding fuel to the fire, there is speculation that if Donald Trump wins the US presidency, his administration could consider btc as a strategic reserve. While this possibility is debatable for now, it highlights the growing interest of policymakers, which is a major boost for cryptocurrencies.
Featured image by DALLE, chart by TradingView
