According to BlockBeats, on July 19, Julien Bittel, head of macro research at Global Macro Investor, said that the recent "crazy compression" of Bitcoin's Bollinger Bands could push prices to six-digit all-time highs.
Bittel pointed out that the current "crazy" state of the Bollinger Bands volatility indicator requires a surge in Bitcoin prices. Similar situations have only occurred in April 2016 and July 2023 in history.
He added that the Bollinger Bands are an important indicator of crypto volatility, and the gap between the upper and lower bands is currently very narrow, which is traditionally good news for bulls. In the previous two events, Bitcoin prices rose sharply in the following 12 months.
Bittel also mentioned that he made a similar prediction for Bitcoin’s future last month, calling for “patience” during the worst price drop of the bull market. He concluded that if history repeats itself, Bitcoin will break out of the re-accumulation range in September 2024.
