As a seasoned crypto investor with over five years of experience, I’ve seen my fair share of market fluctuations and trends. And right now, Bitcoin is showing signs of an uptrend that has me optimistic for potential gains. However, I’m not blind to the pockets of weakness in the daily chart.
Bitcoin has been on an upward trajectory lately, yet its day-to-day price action reveals some areas of vulnerability. Despite Bitcoin’s current stability, market analysts remain optimistic and anticipate further price increases in the near future.
Is Bitcoin Ready To Rip Higher: Analyst Says Bulls Are Eyeing $140,000
One analyst has noticed an intriguing observation regarding Bitcoin’s weekly Bollinger Bands (BB). At present, these bands are at their narrowest point ever recorded in Bitcoin’s history, excluding the incidents in April 2016 and July 2023. This situation is referred to as a “squeeze,” where the BBs are tightening.
Given that the Bollinger Band (BB) is a technical tool employed to measure market volatility, the current situation merits close scrutiny from traders. Notably, price movements become particularly active following the formation of a BB squeeze – a period where the bands converge to their current state.
Yet, it’s essential for traders to be aware that the direction of a Bitcoin price breakout can go up or down. Historically, Bitcoin prices have surged, such as following the BB squeeze in July 2021. Consequently, the coin soared, reaching $70,000 by March and eventually peaking at $73,800.
Based on historical trends and the current market situation, an analyst anticipates that Bitcoin’s price could reach as high as $140,000 or even $190,000 in the coming months if the ongoing price increase continues at its current pace.
The enlargement would bring joy to buyers, as prices currently reside in what the analyst referred to as an uninteresting price range.
If Bitcoin surpasses $73,800 and reaches new all-time highs, taking it into six-digit figures, this price range would be considered the “banana territory” or “zone.”
Spot BTC ETF Issuers On A Buying Spree, Donald Trump’s Endorsement
The belief that Bitcoin will continue to rise in value is fueled by underlying reasons. Although its price has dipped slightly following this week’s impressive rally, companies seeking to launch Bitcoin ETFs are actively purchasing the cryptocurrency.
BlackRock is leading the charge in this significant Bitcoin purchasing wave. According to available records, the investment firm acquired more than a billion dollars’ worth of Bitcoin in July.
On July 18, it was reported that a representative purchased a substantial amount of Bitcoin, equivalent to 18,600 coins or approximately $107 million, on behalf of their clients. As per SosoValue’s latest update, BlackRock’s IBIT currently oversees over $20 billion in Bitcoin investments.
As a researcher, I’ve come across an intriguing speculation that if Donald Trump secures the presidency of the United States, his administration may view Bitcoin as a strategic reserve. While this notion is still up for debate, it underscores the burgeoning interest from policymakers towards cryptocurrencies. This development, in turn, represents a significant positive shift for the crypto industry.
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2024-07-19 20:46