Bitcoin Set to Soar: Why Experts Predict a Massive $190K Price Jump
The post Bitcoin Set to Soar: Why Experts Predict a Massive $190K Price Jump appeared first on Coinpedia Fintech News
Following a rally of over 20% rally in the past three weeks, which brought Bitcoin up from $53,500 to around $64,100, the cryptocurrency seems to be catching its breath. Recent market indicators are showing positive signs, suggesting Bitcoin might be on the verge of a significant price surge, possibly reaching new highs.
Julien Bittel, head of macro research at Global Macro Investor, highlights the historically tight Bollinger Bands on Bitcoin’s weekly chart. This compression, seen only twice before, has previously led to significant price increases.
Bollinger Band Hint BTC TO Reach $190k
Julien Bittel’s analysis points to an unusual pattern in Bitcoin’s weekly Bollinger Bands. The bands, which measure volatility, are “crazy tight” by historical standards. This phenomenon has occurred only twice in Bitcoin’s history, first in April 2016 and then in July 2023. Both instances were followed by substantial price hikes over the next twelve months.
Based on these historical patterns, Bittel suggests that Bitcoin could experience a similar upward movement this time around. He predicts that Bitcoin’s price could rise to a range of $140,000 to $190,000.
This isn’t the first time in this bull market that narrow Bollinger Bands have suggested a major upside for Bitcoin. Similar conditions in late 2023 preceded a significant price increase, which occurred just before the launch of U.S. spot Bitcoin exchange-traded funds (ETFs).
The Boring Zone
Despite a slow start for the crypto markets in Q2, Bittel warns investors not to get too comfortable. He describes this period as “The Boring Zone,” indicating that the current low activity and minimal changes are just the calm before the storm.
Bittel believes that this “Boring Zone” will soon give way to what he calls “The Banana Zone.” This term suggests that significant price movements are on the cusp. He advises investors to stay alert and ready for upcoming changes that could lead to major gains.
