Bitcoin’s ‘Crazy Tight’ Bollinger Bands Point To $190K BTC Price Target
Bitcoin (BTC) should rise “significantly” as violent volatility prepares to hit, new analysis predicts.
July Bittel, head of macro research at financial advice publication Global Macro Investor, sees BTC prices up to $190,000 in a July 19 post on Ex.
“Squeezed” Bollinger Bands fuel 6-digit BTC price talk
If volatility signals play out as before, Bitcoin has the fuel to reach six-figure all-time highs.
According to Bittel, the current Bollinger Bands Volatility Indicator's “crazy” scenario calls for BTC/USD to rocket higher.
“Bollinger Bands are crazy by historical standards,” he sums up.
“The only two other months in history where we saw weekly Bollinger Bands were April 2016 and July 2023.”
Bollinger Bands form one of the most important crypto volatility indicators and provide insight into the strength of price trends.
On weekly time frames, the gap between the upper and lower bands is less narrow. What comes traditionally is always good news for the bulls.
“In both of the previous episodes, Bitcoin prices have increased significantly over the next twelve months,” Bittel continued.
“A similar move at this time would target Bitcoin in the $140,000 to $190,000 range.”
This isn't the first time a bull market has seen bands tip the underlying BTC price. According to Cointelegraph, in By late 2023, the U.S. has barred a run to local highs ahead of the launch of bitcoin exchange-traded funds (ETFs).
Last month, Bittel made similar predictions for Bitcoin's future, calling for “patience” as the bull market went through a deep decline.
History suggests a September Bitcoin breakout
At around $64,000 on July 19, BTC/USD is up 11% over the past week, according to data from Cointelegraph Markets Pro and TradingView.
Related: Bitcoin ETF 4-8X More BTC Price Impact Than Miners – Research
While trader confidence is returning and price gauges are calling for the bull market to continue, not everyone believes the timing is right.
A lack of interest from major retail investors is a significant component missing from the typical bull market landscape, something that runs counter to the hoarding behavior of institutions and whales.
Comparing past and current price cycles, renowned trader Rect Capital suggests that September will be the time for Bitcoin's comeback.
“If history repeats itself, Bitcoin's breakout from the re-stocking region will happen in September 2024,” he told X followers this week.
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.
