Despite FED Chairman Jerome Powell's moderate approach, Bitcoin shows weakness around $64,000.

While investors postponed their upward expectations to August and subsequent months after an eventful July, an analyst stated that Bitcoin's volatility indicator points to a price increase in the near future. On-chain analyst Matthew Hyland analyzed that Bitcoin's Bollinger Bands have reached their narrowest level in the last 12 months.

In a recent video, Hyland noted that Bitcoin's weekly Bollinger Bands are at their third narrowest level in history, a situation previously seen only in April 2016 and August 2023. He also stated that Bitcoin has consolidated in a narrow range of 25% since March 13 and that this long period of consolidation is now over.

When considered together with the long duration of the consolidation period and the fact that the Bollinger Bands have reached their third narrowest level in history, the analyst predicts that this period will end within a month and a significant rise period will begin in Bitcoin. “The longer the consolidation lasts, the greater the rise afterwards,” Hyland said, referring to the general view in the markets. He claimed that if history repeats itself, Bitcoin could see a new ATH (all-time high) by November. Similar squeezes occurred before in April 2016 and August 2023, and then Bitcoin increased by approximately 20% between August and November 2023.

In this case, Hyland stated that an upward movement in Bitcoin is inevitable and expects this movement to occur within a month. He predicts that if history repeats itself, Bitcoin could reach a new ATH of around $77,000 by November from its current price.

Cryptocurrency analyst MaxBecauseBTC made a similar comment and said, “Bitcoin's weekly Bollinger Bands have only narrowed this much twice so far… in April 2016 and August 2023.”

What Does a Squeeze in Bollinger Bands Mean?

This narrowing of the Bollinger Bands is generally considered a harbinger of significant upward or downward price movements. This compression shown by Bollinger Bands in Bitcoin can signal both upward and downward trends. However, which direction BTC will move depends on various factors other than technical indicators, such as market sentiment, upcoming positive or negative news.

In this context, analysts often interpret the narrowing of Bollinger Bands as the “calm before the upward storm.”

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