Rare Technical Pattern
A crypto analyst has spotted a rare pattern in Bitcoin’s price movements that suggests a significant surge in the coming months. According to the analyst, when Bitcoin’s price closes above the upper Bollinger bands for two consecutive months, it has historically doubled within three months. This pattern has been observed in 2013, 2017, and now in 2022.
Projected Doubling by July 2024
Based on this pattern, the analyst predicts that Bitcoin’s price could double to around $140,000 by July 2024. At the time of writing, Bitcoin is trading at $69,740.
Countdown to Bitcoin Halving
Another crypto analyst, Ali Martinez, is counting down to the Bitcoin halving event in April 2024. During this event, the block rewards for Bitcoin miners will be cut in half, reducing the supply of new coins. This has historically led to an increase in Bitcoin’s value.
Market Outlook
Market sentiment is currently positive, with Santiment reporting a strong inclination for the current performance to continue until the halving event. However, Martinez warns that selling pressures could emerge if Bitcoin rises above $70,190. He also notes an increase in sellers during Bitcoin’s recent dip below $70,000.
