Shenzhen TechFlow News, on July 19, according to Cointelegraph, Julien Bittel, director of macro research at the financial consulting publication Global Macro Investor, said that the price volatility indicator "Bollinger Bands" of Bitcoin (BTC) is in a state of extreme tightening for the third time in history. . Bittel pointed out that the extreme tightening of Bollinger Bands indicates that Bitcoin price will rise significantly. Two previous similar situations occurred in April 2016 and July 2023, both causing Bitcoin prices to rise significantly over the next 12 months.
Bollinger Bands are one of the most important volatility indicators in the cryptocurrency market, providing insight into the strength of price trends. On a weekly chart, the gap between the upper and lower bands is rarely so narrow, which usually indicates a market trend that is favorable to bulls. Bittel said that if history repeats itself, the price of Bitcoin will be between $140,000 and $190,000.
Currently, the BTC price is around $63,700, up 11% over the past week. Although trader confidence is gradually recovering and price indicators show that the bull market will continue, the interest of mainstream retail investors is still insufficient, which contrasts with the accumulation behavior of institutions and large investors. Well-known trader Rekt Capital believes that September this year will be an important moment for Bitcoin to break through.
