As a seasoned researcher with years of experience observing and analyzing Bitcoin’s price movements, I find myself intrigued by the recent developments in the market. The fact that Bitcoin is closing above its 2021 ATH for seven consecutive months is indeed a bullish sign, as highlighted by Moustache. This long-term support level is a testament to the asset’s strength and resilience, which bodes well for future growth.
With Bitcoin gradually regaining its value, interest is growing around this digital currency as it approaches the brink of completing seven consecutive monthly closures above the record price level of 2021.
Noted cryptocurrency expert Moustache lately posted on X to underscore this significant achievement, stressing the significance of considering longer periods when engaging in trade.
Based on Moustache’s analysis, Bitcoin consistently staying above its old all-time high each month suggests significant backing. This might be a sign of imminent positive price movement.
Is Bitcoin Building Momentum For A Big Move?
Mustache’s examination pointed out that “Is it clear to everyone what’s unfolding here? Bitcoin is on the verge of closing its SEVENTH monthly candle above the 2021 all-time high. The more significant the timeframe, the more robust the support. In other words, this trend appears bullish.”
In this analysis, the importance of lasting support points in relation to BTC is emphasized. It’s worth noting that if an investment repeatedly finishes above a past high on larger time periods, it can suggest that the market is building a robust base for potential future expansion, as far as trading is concerned.
For Bitcoin specifically, it’s worth noting that significant price fluctuations tend to occur after prolonged phases of consolidation and reinforcement of support levels.
Maintaining Bitcoin’s price above its previous All-Time High (ATH) is a promising development, but some analysts are also focusing on another technical marker: the Bollinger Band Width Percentile (BBWP).
BBWP Indicator Signals 200% Rally Ahead
As a dedicated researcher, I recently stumbled upon an intriguing observation made by Moustache. He highlighted that the Big Bodied White Price (BBWP) pattern on Bitcoin’s 2-week chart suggests the appearance of blue bars, a seldom-seen phenomenon in Bitcoin’s historical price movements.
The BBWP is a tool used in technical analysis to measure the width of the Bollinger Bands, which are volatility indicators that reflect the range of an asset’s price movement. The blue bars in the BBWP indicate a period of low volatility, which often precedes significant price swings.
Moustache clarified the potential consequences of this signal, revealing that previously when the BBWP displayed several blue bars on the 2 Week Chart of Bitcoin, Bitcoin experienced nearly a double increase in value (around 200%).
Interestingly enough, Moustache pointed out that the appearance of blue bars in the BBWP is a rare occurrence, happening just this second time. Historically, such an event has never taken place. This observation hints at a possible substantial shift in Bitcoin’s price trajectory, potentially leading to considerable profits if the historical trend persists.
Significantly, the BBWP’s (Bitcoin Benchmark Whale Price) low volatility suggests that bitcoin markets tend to show increased price activity after prolonged periods of tranquility. In this instance, Bitcoin’s current quiet market conditions, as shown by the blue bars, could potentially pave the way for a major price explosion.
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2024-08-24 00:04