Bitcoin (BTC) Price Prediction: Is Bitcoin Ready To Rip Higher? Analyst Says Bulls Are Eyeing $140,000

Taking to Twitter, one analyst has picked out an unusual development: Within the weekly chart, the Bitcoin Bollinger Bands (BB) is currently at their tightest level in history.

Bitcoin worth motion uptrend occasions present moments of weak point on the every day chart. Regardless of the BTC worth stagnation, analysts stay optimistic, anticipating an uptrend within the coming days.

Is Bitcoin Set to Rip Greater: Analyst Says Bulls Eyeing $140,000

One analyst, taking to X, highlighted an uncommon occasion: the Bitcoin Bollinger Bands (BB) on the weekly chart are at their tightest ever. Aside from the April 2016 and July 2023 occasions, the Bitcoin BB is now tightening right into a squeeze.

Being a technical indicator used to gauge underlying volatility, the event ought to seize merchants’ consideration. Notably, each time the BB types a squeeze, compressing to the extent it’s now, the worth tends to explode in both path over the subsequent few classes.

Merchants must also know, nevertheless, that the breakout path will be both approach. Traditionally, Bitcoin worth has moved greater. For instance, following the BB squeeze in July, the coin went on to rally over the subsequent few months, reaching $70,000 by March earlier than the coin rallied to $73,800.

If historical past have been to carry, and costs do explode on the finish of this squeeze, the analyst sees Bitcoin flying to $140,000 and even $190,000 over the subsequent few months.

This growth can be a welcome enhance for bulls, particularly contemplating that costs at the moment are in what the analyst known as a “boring zone.”

Any uptick above $73,800 and all-time highs, pushing BTC to six-digit ranges, can be within the “banana zone” mechanically.

Spot BTC ETF Issuers On A Shopping for Spree, Donald Trump’s Endorsement

The optimism about Bitcoin ripping greater is because of elementary elements. Regardless of the present worth lull following the refreshing surge earlier this week, spot Bitcoin ETF issuers are shopping for.

Main this shopping for spree is BlackRock. Information reveals that the asset supervisor BTC worth over $1 billion of BTC in July.

On July 18, one observer famous that they purchased 18,600 BTC, or $107 million price of the coin, for his or her purchasers. As of July 19, BlackRock’s IBIT manages over $20 billion price of BTC, in keeping with SosoValue.

Moreover, including gasoline to the hearth, rumors maintain that if Donald Trump have been to win the U.S. presidency, his administration may class BTC as a strategic reserve. Whereas this risk is debatable for now, it highlights the rising curiosity from policymakers, which is an enormous enhance for crypto.

Characteristic picture from DALLE, chart from TradingView

The above is the detailed content of Bitcoin (BTC) Price Prediction: Is Bitcoin Ready To Rip Higher? Analyst Says Bulls Are Eyeing $140,000. For more information, please follow other related articles on the PHP Chinese website!