The Bitcoin volatility indicator has reached its tightest point in the last twelve months, indicating that a significant price move is approaching. Crypto trader and analyst Matthew Hyland stated in his analysis video published on July 31 that Bitcoin (BTC)'s Bollinger Bands have reached the third highest point in its history on weekly time frames.

Other traders also noticed this pattern. “Bitcoin's weekly Bollinger Bands have only tightened this much twice: April 2016 and August 2023,” MaxBecauseBTC said. “It's crazy that Bitcoin weekly Bollinger Bands are tighter than the daily bands right now,” said Kristoph Jeffers, COO of Three Jay Partners.

Bitcoin has been consolidating in a tight range of around 25% since March 13. Hyland thinks this long period of consolidation is coming to an end. "It's starting to tighten now, this moment is coming, it will probably come within a month," he said.

While Bitcoin's current price is $63,845, if history repeats itself, it could reach a new high of $76,614 by November. Hyland said "it could take a few more weeks," but he believes Bitcoin is about to see an "explosive move."

This news does not contain investment advice. Every investment and trading move involves risk, you should do your own research when making a decision. Share your opinions in the comments!