Bitcoin’s path to new historic highs is always a topic of intense speculation and analysis in the cryptoverse, but it has been even more of a focus since BTC broke above the $70,000 mark again recently.
Now, a popular price-chart indicator suggests that the price of the bellwether cryptocurrency could double within the next three months to reach around $144,000 per unit.
Bitcoin Gearing Up For Parabolic Surge
A widely tracked technical indicator is now strongly hinting that Bitcoin’s (BTC) recent upsurge has a lot more gas left in the tank and that we are about to witness gargantuan gains.
A pseudonymous analyst known to his 445,000 followers on X, pointed out on April 7 that BTC had closed two straight months above the upper Bollinger Band. Bitcoin has historically doubled within three months every time the dominant crypto has seen this particular trend, TechDev noted. Bitcoin is currently valued at $72,326 at press time. If the pundit’s analysis is correct, BTC could hit circa $144,000 by July.
It doesn't happen often.#Bitcoin closed 2 consecutive months over the upper Bollinger band.Each time it has then doubled within 3 months before the next red candle. pic.twitter.com/veOOOmT8Id
— TechDev (@TechDev_52) April 7, 2024
For those unfamiliar with Bollinger bands, when prices touch the upper band, it typically signifies overbought conditions, while touching the lower band shows an asset is oversold.
“Bitcoin Vaults To $200,000+”
In the meantime, well-known global investor and Bitcoin evangelist Dan Tapiero has shared his ultra-bullish take on the BTC price.
In his Monday post on X, Tapiero said he has identified the “most remarkable correlation break” he has seen in the market for some time.
According to the investor, this correlation break suggests there may be “extreme concern about monetary debasement driven by 60% Treasury market increase” among investors during the last five years. Tapiero suggested that the present state of monetary debasement is likely to propel Bitcoin to the $200,000 region and beyond.
Moreover, with a current market cap of around $2.82 trillion as of April 8, Ripple CEO Brad Garlighouse has predicted a potential move to $5 trillion by 2024 year-end.
