NewsBTC 2024-07-03 02:00:08

Buckle Up: Here Is Why Bitcoin Might Just Be Gearing Up For a 200% Surge

Amid the current Bitcoin market performance suggesting signs of a rebound, prominent crypto analyst Wise Advice has highlighted a critical indicator in Bitcoin’s trading pattern. Bollinger Bands Signal 200% Bitcoin Surge According to the analyst, the Bitcoin weekly Bollinger Band, a statistical chart characterizing the prices and volatility over time, has shrunk to its second-lowest width in six years. Traditionally, such contraction has been a precursor to substantial price movements. Related Reading: Market Analysts Eye July for Potential Big Wins in Bitcoin and Ethereum — Here’s Why Wise advice disclosed that historically, a similar constriction was observed before Bitcoin surged 200% from a base of $24,000 to a high peak within five months. This indicator is particularly noteworthy as it suggests that market volatility is about to increase, potentially leading to a significant price rise. For context, Bollinger Bands are a set of trend indicators derived from a moving average and an upper and lower band, each set at a standard deviation from the moving average. This tool helps traders to assess how high or low the current price is relative to previous trades. A narrowing of these bands typically indicates a reduction in volatility. A sharp increase or decrease often follows it in price, as the market prepares to make a substantial move. Bitcoin Holders, Read this 🚨 The #Bitcoin weekly Bollinger band is now at its 2nd lowest level in 6 years. The last time it was this low, #BTC was trading at $24K, and it pumped 200% in just 5 months pic.twitter.com/jnud3pCjAr — Wise Advice (@wiseadvicesumit) July 1, 2024 Recent Market Activity and Bullish Outlook Despite a promising setup, Bitcoin has recently struggled to maintain its upward momentum. Over the past week, while there has been a modest 3% recovery, the price has faced resistance, peaking at $63,790 before dipping to around $62,563. This recent price action occurs amid broader market anticipation of a favorable July. Market analysts, including the team at QCP Capital, reference historical data showing Bitcoin’s tendency to rebound in July with an average return of 9.6%, especially after weak performances in June. This pattern of a strong July following a weak June is supported by additional market commentary. They are not alone in their optimism; other market analysts like Ali have also noted similar recovery patterns in past post-June slumps, hinting at a strong comeback in July. Supporting the bullish sentiment are the substantial inflows into US spot Bitcoin ETFs. This Monday, these funds recorded daily net inflows totaling $129.45 million, marking the fifth consecutive day of positive flows and the most substantial intake since early June. Related Reading: Bitcoin Begins Month With A Rebound As Metaplanet’s BTC Investment Tops $10 Million Leading the inflows were Fidelity’s FBTC and Bitwise’s BITB, with significant contributions, suggesting that institutional interest remains strong despite the market’s recent fluctuations. Featured image created with DALL-E, Chart from TradingView

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