Bitcoin has a ’10-day high’ until the BTC price gauge reaches a compression zone.
Bitcoin (BTC) has less than 10 days to hit hot BTC price volatility, a new analysis concludes.
In the year In a Feb. 7 post on X (formerly Twitter), popular social media trader Hornhers pointed out an unusual signal involving the Bollinger Bands volatility indicator.
Trader expects “big move” for BTC price.
Bitcoin may have traded above 150 days in a small day, but a new chart signal suggests a reversal is on the way.
The Bollinger Bands Width (BBW), which measures the difference between the three standard deviation bands commonly used in the Bollinger Bands volatility indicator, has historically reached a low that has caused a “big move” in BTC/USD.
The size of the BBW rarely decreases to the level seen now – and each event has resulted in a “squeeze” of the BTC price. But the issue is that the direction is unknown.
“We have 10 days MAX before a big move on BTC,” HornHairs wrote in an accompanying comment.
“Now is the time to plan both ways, if things go up or down, you don't want to be stuck in a frozen shock without a plan.” It will come soon.
Bollinger Bands as an indicator has frequently cited periods of volatility over the past months, with the bands narrowing to levels rarely seen in Bitcoin's lifetime.
On daily time frames, BTC/USD is currently operating in the area between the midpoint and upper bands, looking for a fresh push, Cointelegraph Markets Pro and TradingView shows.
Bitcoiners are playing the waiting game
As Cointelegraph continues to report, frustration with the lack of growth in BTC/USD is intensifying ahead of the April block subsidy halving.
Related: As Bitcoin Cools, ETH Price May Repeat $2.7K January Rise – Analysis
BTC price forecasts include a trip above $60,000 before halving, while more conservative estimates see price gains before the end of 2024.
Macroeconomic uncertainty, particularly associated with the US regional banking sector, is also responsible for lower forecasts, which focus on the $30,000 area as a floor.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
