Bitcoin ‘#bollingerbands ’ signal suggests $BTC could double by July
A prominent technical analysis indicator suggests that Bitcoin's price could potentially double within the span of three months, reaching around $140,000 by July, according to insights shared by analyst TechDev to their 440,000 followers. TechDev pointed out that Bitcoin has closed two consecutive months above the upper Bollinger Band, a pattern that historically preceded a doubling in price within the following three months.
Bollinger Bands are widely used in technical analysis to gauge an asset's momentum and volatility within a defined range. While breaching the upper band typically signals an overbought condition, it's worth noting that Bollinger Bands rely on past price action and volatility data and are considered reactive rather than predictive indicators.
Adding to the bullish sentiment, SkyBridge Capital CEO Anthony Scaramucci suggested on CNBC that Bitcoin could potentially surge to as high as $170,000 during the current market cycle. He further projected that Bitcoin could eventually achieve a market cap equivalent to half of the global gold market, translating to a price of roughly $400,000 per BTC.
Scaramucci emphasized that such gains would not materialize overnight & cautioned about potential volatility along the way.
Scaramucci also highlighted the significant influx of retail and institutional demand for Bitcoin, driven in part by the recent approval of ten spot Bitcoin exchange-traded funds (#ETFs ). These ETFs have collectively attracted over $12 billion in net inflows, underscoring the growing interest in Bitcoin among both retail and institutional investors.
Bitcoin's upcoming halving on April 20 is seen as a significant driver for short-term price growth by market observers like Scaramucci. Ripple CEO Brad Garlinghouse predicts that regulatory developments and the rise of Bitcoin ETFs will lead to broader cryptocurrency adoption, potentially doubling the sector's value to $5 trillion by year-end.
Source - cointelegraph.com
