Bitcoin’s price may still be below all-time records, but a unique chart formation has analysts bullish. Taking to X the analyst noticed that BTC closed the last two consecutive monthly charts above the upper Bollinger Band.
The Bollinger band signal prints: BTC to $140,000
The analyst said The price of Bitcoin tends to double every three months if it closes consecutively two months above the upper Bollinger Band. This pattern will see Bitcoin reach over $140,000 in July 2024 just three months following the Bitcoin halves.
Bitcoin has fallen below the March 2024 all-time record high of $73,800. After weeks of lower prices, the sudden recovery on Monday, April 8, suggests that buyers are returning. As of press time the coin was changing hands at $71,800. This is clearly above the liquidation threshold of $72,000.
It remains to be determined if the upward trend will continue despite the bullish breakout. BTC’s prices usually plummet before the Halving in a few weeks. They can even drop to 20%. BTC dropped after reaching a high of $73,800. It fell to around $60,000 before surging back up to the current level.
If you can close the week above $74,000, it could be the foundation for even greater gains over the next few days. You might reach $100,000.
One analyst suggests Bitcoin’s price could rise to $140,000 in four weeks, if the pattern of December 2020 is followed. Bitcoin’s rally continued after it broke above its $20,000 2017 high, reaching a peak of around $70,000. This is a 3X increase.
Buyers are currently aiming for the 74,000-dollar mark, the highest price ever. This level, which was reached in 2020, will increase the likelihood of Bitcoin reaching $140,000.
Can macroeconomic factors, spot ETFs and halving drive prices?
It is possible that the current sentiment of bullishness will continue. One possible factor is the interest in Bitcoin ETFs. These products have received billions of dollars, which has boosted demand, and therefore prices. In the months to come, a Halving event may further boost demand and prices.
Analysts also look at other market factors, notably in the United States. Speculations have been made that the United States Federal Reserve will (FedAs labor conditions improve and inflation decreases, it is unlikely that ). will not reduce the interest rate by at least 3 times in this year.
BTC may lead the way in a trend of other safe-havens if Fed lowers rates and reverses their hawkish view.
Chart from TradingView, Featured image by DALLE
Disclaimer article It is intended solely for educational use. NewsBTC has no opinion about whether or not to purchase, sell, or hold investments. Naturally investing involves risks. We recommend that you do your research. own Research before investing. You are solely responsible for the use of information on this site. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
